Consumption and Real Estate
When you are getting a home loan modification is it normal for an outside company to take pictures?
Question : When you are getting a home loan modification is it normal for an outside company to take pictures?
I fell behind in my payments and need to modify or face a possible foreclosure. Someone is coming tomorrow to take pictures–inside and out to help with the evaluation. According to HUD this is normal procedure, but I’m skeptical.
home loan modification
Best answer:
Answer by Maggie G
The appraiser will take photos to show that the house is in good condition. It is common practice.
The Lender needs to order an appraisal to determine the value of the property to determine if it is in their best interest to enter into a loan mod. Typically these appraisals are done through independent contractors and not necessarily someone who works for the bank.