Bank asking for a SECOND BPO and lender is doing a "Rapid Rescoring!"
Sigh... another issue with the house. We are waiting on the extension for the short sale for the bank and out of no where we are told that our credit score went down. It is down 16 points and they are doing a "rapid rescoring." Has anyone ever heard of this? Does it work and make your score go up? (There was a credit card that was paid off recently and they are using that for the rescoring)
Also, they bank is taking forever to send us the approved extension. They are now asking for a second BPO on the house. Why would they ask for another one when they already had one done before we signed the contract, and we already had an appraisal done. I am getting so fed up with this process and it feels like we are not going to get the house. Someone PLEASE help! : (
Thanks!
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Ashley,
First, don't lose faith you're still in the game! It's not over till it's over.
Your post definitely has some red flags, but in order to fully diagnosis the situation there are a couple of questions that need to be addressed. Why are they concerned your credit dropping 16 points. Has your lender or your agent communicated to you that this would affect you obtaining financing? Also, that it has been known that if you do not have creditors that are collecting interest from you that it can affect your score. Most borrowers that have high credit scores usually have credit cards barring interest that carry balances from month to month apart from their mortgage and car loans.(Take into consideration that credit counseling is not my expertise)
It's important to acknowledge that a short sale is like a game of telephone and unfortunately you might not be getting the most accurate information. Most agents run their short sales based off assumptions that may be incorrect. Take for instance in your original post you mentioned that you have an approved extension. Who exactly told you that your extension is approved? In my line of work we do not consider extensions approved until it is seen it writing. It is possible someone can verbally approve an extension, but you should not take it as set in stone.
In regards to the 2nd BPO it is very likely that banks previous value on file is going to expire or has expired and they need to realign their value prior to issuing the extension to close. This may have happened either due to previous extensions or the short sale itself was processed too slow. Most banks honor their BPO and appraisal values from 90-120 days, and it can sometimes be extended.
A Rapid Rescoring is the process of quickly updating account information reporting with the all three credit agencies, usually resulting in an increase in your credit scores. This may involve updating information such as paying off credit cards. I'm not sure why your credit
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