Compare Homeowners Insurance
Compare Homeowners Insurance
Text Of Dodd-Frank Wall Street Reform And -4-
Text Of Dodd-Frank Wall Street Reform And -4-
Compare Homeowners Insurance: How To Get Cheaper Home Insurance Quotes Without Reducing Policy Cover
What is a drive by BPO? in realtor terms.?
I found out directly from a Realtor that the house I rent was asked by the mortgage holder, to go and get pictures. Now it is not for sale and supposedly not in foreclosure, but would be my assumption that it is pre foreclosure or in danger of being foreclosed on. The homeowner seems to be in the dark ages and doesn’t know of it. There has been a insurance broker come by twice to inspect the property, see if ultilies are on and etc.. Was told at the time it wasn’t in foreclosure, but things change. Anyway, just curious about the BPO process. Just know that it means the bank asked for pictures and it takes 2 hours to do as they compare with other houses of the same value. Thanks.
many BPO’s do not end up in foreclosure. Some companies entice brokers to do BPOs under the GUISE they MAY get a listing IF there is a forecloure.
Somtimes those companies (lenders) are simply trying to sell the loan to another investor. The ‘insurance guy’ may actually have been a real estate agent. Some companies ordered BPOs on homes that never went to foreclosure, by the hundreds.
The name of the mortgage company should be filed with the local municipality’s clerk. You might contact them (mortgage co) to see what if anything they can disclose due to privacy rights.
Check with the county sheriff’s sales dept to see if a sale is scheduled.
Check with county clerks office to see if a ‘lis pendens’ is filed. This is a public notice of legal action. Commonly referred to as pre-foreclosure.
Finally, ask the owner if he is paying the mortgage, maybe he’ll show you a recent statement showing he is current?
In most cases if your lease pre-dates the mortgage, your lease must be honored. If the mortgage pre-dates your lease, your lease can be terminated in case of a foreclosure.