BPO

Hi Sharon,

I wrote you a couple of days ago regarding my approach after I learned about a BPO from my realtor. I created my flyer, drove to the address, knocked on the door and after my introduction I was faced with "Am I in foreclosure?", "Are you sure you have the right address?", "Oh my God, I have to call my bank!". I briefly appologized for any confusion and left.

I am somewhat embarrassed and confused my self, why else might a bank order a BPO? Do you have any thoughts on this type of reaction? confused

Comments(6)

  • SharonRestrepo7th April, 2003

    Great experience....I don't do not know of another reason besides what we mentioned that a bank would pay for a BPO. What I do know is that homeowners will lie about their situation when faced with it. I have had numerous occasions when a homeowner would tell me that it is a mistake on the banks part. I've learned to leave my card if they are at all friendly and just mention that I can be contacted for advice anytime. They might only be behind in payments and not in foreclosure yet when a BPO is ordered, and maybe that was the reaction, but they are still in default.

  • dmb7th April, 2003

    BPO = ?

  • Lee7th April, 2003

    Just a thought regarding why a BPO would have been order.

    The most typical reason as you pointed out would be due to a default status, however, sometimes a BPO is requested if the mortgagor has requested a "Loan Modification" or requested to drop PMI.

    It could also be as already pointed out, that they were too embarrassed to say anything.

    Just some maybe's.

  • wgheisler7th April, 2003

    To answer dmb's question of what is a BPO, see the response of SharonRestrepo-Veteran Investor:

    http://www.thecreativeinvestor.com/ViewTopic3670-18.html

  • StaceyWyatt7th April, 2003

    Lenders typically will order a BPO when you request that the Private Mortgage Insurance be dropped. This is the only case I am aware of where the lender will order this unless they are in default..

  • DwanBent-Twyford13th April, 2003

    Hi Iamja,

    Many, many times when you knock on a door, homeowners will seem surprised. If that is the case, I share how I found the information, offer some solutions and offer to make the calls to confirm the situation. If they'll let me make the calls to the lender and it is foreclosure, I am in the door. If it turns out not to be true I am no worse off and they are relieved.

    Some homeowners have gone soooooo long without making a payment, they are stunned when the bank actually forecloses. Trust me.... they know their payments are late. Don't get distracted by their shock.. offer to help and take over!!!

    Dwan

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