Home Loans and Support

some one came to my home take pictures is it a good sing or bad sing ??

Discussion in 'UNITE & FIGHT - Share Your Ideas on How Homeowners' started by LOOKING, Aug 22, 2009.

  1. LOOKING

    LOOKING LoanSafe Member

    I have sent my loan mod paper. Today some one came to my home to take pictures Is it a good sing or bad sing ??? just curiousity
  2. faith

    faith LoanSafe Member



    TomSer,
    Sir, it's nice to hear from you. I hope you checked his id and get business card from him. Did you ask him from what company he works for?

    I think your lender sent an appraiser to appraise the value of your house, it's called BPO(Broker's Price Opinion). The lenders do that for Loan Modification, and Short Sale. So it's a good thing, your one step ahead from being approved of Loan Modification. The lender will have an idea how much your house is worth on today's market. Please keep us posted. And I am hoping and praying that you will get an approval very soon. I hope your wife is doing good as well.

    Take care and God bless.
  3. ugh_2009

    ugh_2009 LoanSafe Member

    Nothing to loose sleep about. The servicer ordered a BPO (broker price opinion) and this is usually done with a drive-by evaluation. Things are moving forward!
  4. alisoncg

    alisoncg LoanSafe Member

    I hate to be the one bearing bad news because we are all on this forum together for the same reasons but, I would want to know what someone else has experienced. We had someone drive by our home on July 12th and take pictures. They never even got out of the car, just rolled down the window. On August 12th we had foreclosure filed against the house. We owe 60 to 70 thousand more than the house is worth right now. I would like to think this is just a case of one department in the mortgage company not communicating with the other since I know that often happens. I just don't understand why they would do the BPO and then file anyway. Please forgive me if this is upsetting to you and remember that every case is different. Let's keep our fingers crossed that it was just miscommunication. I should also add that we are working with NACA and our file was submitted on July 10th, two days before we saw them taking pictures.
  5. faith

    faith LoanSafe Member



    Hello and welcome to this forum,
    There are many reasons why banks ordered a BPO(Broker's Price Opinion) and ask someone to take pictures of a home.
    1. Loan Modification which is Tomser is trying to do and I pray that his lender approve his
    request..
    2. Short Sale
    3. Foreclosure

    If a homeowner missed payments, loss their job and can't make mortgage payments, banks have to foreclose on their homes, cars, and other assets.

    The banks then turn around and try to resell these items to recoup some of their losses. When they are looking to market these assets, photographers are needed to take pictures of what it is the banks are trying to sell. Photographer could turn another person's pain and hardship into a thriving small business by .taking pictures of Bank Foreclosures.<O:p
    <O:p
    The two main foreclosed assets that banks typically take pictures of are cars and homes. Cars and homes have real value, and because banks aren't in the business of buying homes that aren't lived in and cars that aren't being driven, when these assets are foreclosed on the banks want to sell them to someone else as quickly as possible. That means photographing them and using the photos to stir up interest in the assets. These days, photos can be taken and posted immediately to the Internet, but banks still assemble and circulate mailers and other print resources that use photographs of foreclosures.
    <O:p
    God bless and take care.
  6. faith

    faith LoanSafe Member

    P.S.

    Please call NACA for help regarding your situation. NACA Member Services is always available via email at

    memberservices@naca.com

    savethedream@naca.com

    or by calling 1-888-302-6222 or 1-888-404-6222.

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