REO Service Company called, wants access to do a BPO, do I have to?

[DirkDiggler]

Hi, we're a few months past our Ch 7 discharge and about 4 months since we stopped paying on our mortgage. I've completed the HAMP paperwork to see if we could get a modification, but haven't heard anything either way in respect to that. But today I received a call from someone with Elite REO Services wanting access to do a BPO (Broker Price Opinion) on our house and they want to take interior and exterior pictures. Is this something I have to do? We are either trying to get our house payment to an equivalent rent payment for our area or try to get some cash for keys and move to a bigger nicer house for half our mortgage payment But I'd rather not have to let anyone in my house until its all over with. Any thoughts?? Thanks!

[HHM]

Never heard of any modification needing "on site" to do the BPO. At most, they do a drive by. Did the company say they were doing the BPO because of your modification?

[DirkDiggler]

Never heard of any modification needing "on site" to do the BPO. At most, they do a drive by. Did the company say they were doing the BPO because of your modification?

I didn't speak to them, it was a voicemail left on my cell phone....my wife has a call in to her friend that is a realtor to see if the company is legit and if we have to allow access....my wife has cancer and just had surgery and is recovering, thats why its not a good time to have this done

[HHM]

Just call them and find out what they want and why. No one, your realtor friend, us, or anyone can really help...all we can do is speculate. When you want to find out something, go to the source...at least to gather some info as to who they are, what they want, and why. Then armed with that info, you can make an informed decision.

[deedeecfl]

My brother received a call from Chase several months ago for that very thing. They were also trying to get a modification since he had to go on disability. They did come on the property but only to take exterior pictures.

[keepsmiling]

I would think that a REAL BPO (especially if you want the house value lowered) would require something more thorough than a drive by. Just makes sense to me.

[HHM]

I would think that a REAL BPO (especially if you want the house value lowered) would require something more thorough than a drive by. Just makes sense to me.

Well, maybe the banks are becoming more finicky, generally, the banks just rely on their computer models and will sometimes send someone to do a drive by to look for obvious issues. In any event, the OP still needs to call the company and find out what they want.