loan modification question - appraisal.

Asked by Jerry, 20020 Tue Jul 21, 2009

I am going thru the process with my bank (Wells Fargo) to modify my loan to a convential loan at a fixed rate. It's been about 5 months now and it seems we are making progress. They are very close to letting me know if they can modify my loan or not. Wells Fargo called me the other day and mentioned that the only thing left for them to do is an appraisal on my house. This will be a drive by appraisal - nothing extensive. Do you now if this is a good indication that they will indeed modify my loan?

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*, , Rio Rancho, NM
Tue Jul 21, 2009
Sounds like you are on track. The appraisal is the last and most important mountain to climb. Interesting that they are doing a drive by appraisal. That is good for you.
1 vote
Heather Peck, Home Owner, Las Vegas, NV
Tue Jul 21, 2009
I'd say that's a great sign. If they're doing an appraisal at all, it means they're working on your file. Hope it turns out the way you want.
1 vote
Beverly Banks, Agent, Blue Bell, PA
Tue Jul 21, 2009
Absolutely! Especially if it's a drive-by. Most appraisals these days require that the appraiser come into the home to inspect the condition, size and upgrades that have been made. Appraisals are also not cheap so the fact that they are using resources that cost them money is a good sign for you.

Good luck.
1 vote
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