All Forum Posts by: Neil Seldomridge

Under what "clause" would the servicer call the loan? I assume that you are moving out and intent to rent out the property. If your loan has a clause that prevents you from using it as a rental, a lot of people would be in trouble. Remember, you/the loan are only underwritten once. For example, some people think if they lose their job sometime after purchasing the property that they no longer "qualify for their current loan." Nope... Its not running/periodically qualification period.

Make any sense? Or, what am I missing?

Hi David, thanks for clarifying... I should have been more clear. We are planning to rent the house out and actually already have tenants in place beginning August 1st. I honestly have not reviewed my loan, but it is a conventional loan, so I would guess there is a clause about renting the property.

0 Votes

Columbia, Maryland

Quote from @Heath Thomas Jr:

It depends if the broker will actually go in the house or just be able to do a drive-by. Did you get additional info on what the BPO would include?

Hi Heath, great clarifying question. Yes, it would be a walk-through BPO, so they would come inside the house.

0 Votes

Columbia, Maryland

Hi all,

My wife and I have done a live-in flip for our current home and are getting ready to move. I talked to our loan servicer about removing PMI since we have created some substantial equity. They agreed and will be sending a broker to perform a BPO.

My question is, since it will be fairly obvious that we are moving and thus that this will no longer be our primary home, should I be worried that the broker will report this back to the servicer and that the servicer will in turn call our loan?

Thanks very much for any insight or opinions!

1 Vote

Columbia, Maryland

Awesome, thanks, Bryan! We won't be moving until the first of August, so I will miss the July meet-up, but will hopefully see you and lots of other folks at the August one.

0 Votes

Hi all, I’m also looking at investing in (and moving to) the Roanoke area. I know at one point there was an investor meet-up there. Does anyone know if there is anything like that now?

0 Votes

All Forum Posts by: Neil Seldomridge

Neil Seldomridge has started 3 posts and replied 16 times.

Post: Can BPO lead to loan being called?

Post: Can BPO lead to loan being called?

Post: Can BPO lead to loan being called?

Post: Can BPO lead to loan being called?

Post: New Investor Looking to Start in ROANOKE, VA- Good or bad idea?

Post: New Investor Looking to Start in ROANOKE, VA- Good or bad idea?