Modification of home loan requires access?
I have an A.R.M. that has skyrocketed. I informed the lender that I was in need of a loan modification or else I would be forced to let it go into foreclosure (which I don’t want). Today I received a letter with an attached form called “Exhibit D.” This is also titled “Authorization To Access Property.” It gives the lender and/or its “agents” the right to come in and do an inside “market appraisal for consideration for a loan modification.” I don’t know if this is leagl mumbo jumbo, a trick or a legit thing. Any help?
Loan Modification vs Refinancing
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Comments
Yes it’s cool. They call this a BPO.
Brokers Price Opinion.
They need to get an idea what the property is worth.
Yes it is a good sign. I do these types of inspections.
They are interested to know if the property is well maintained and in good order or if it is poorly maintained and there is damage that couldn’t be seen from the street.
It sounds like they are entertaining the idea of working with you personally, that you’re not a marijuana farmer or running a meth lab that law enforcement could some day come and
seize and leave the lender high and dry.
It is to your benefit to allow access.
Good luck
They want to reappraise the property. This is a good thing for you. It is legit.