What is a BPO?
By Pamela Stewart, Attorney at Law on Oct 12, 2007 in General Bankruptcy Information
A BPO is a Broker’s Price Opinion which is an evaluation of a home/property typically done by driving by the property, reviewing public data sources and recent comparable sales. This is ordered by the mortgage servicer and or lender as an alternative to a full appraisal of the property and is done after the loan is considered in default or upon loan modification.
Typically, a debtor is unaware that a BPO has been done on their property, much less that they are being charged for the BPO.
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