This is a partial re-post with some newly added parts of an earlier posting on 6/09/2011 & deserves you’re full attention.
We continue to hear about all the break ins going on but what if it was authorized by Fannie Mae?
Here’s a quick snip from the article from BankRate-
If you happen to see a contractor walking around your house, taking pictures, don’t panic. It’s just your lender “inspecting” your property.
According to new rules announced by Fannie Mae this week, mortgage servicers will be required to “order” a “property inspection” no later than 45 days after a homeowner misses a mortgage payment. “The servicer must continue to obtain property inspections every 30 days thereafter” until the delinquency is resolved.
If the servicer determines that the property is abandoned “the servicer must perform an interior inspection upon confirmation of abandonment,” according to Fannie’s guidelines, which go into effect on Sept.1
Speaking of mistakes, you might want to know that some of these lender/servicer break-in cases that have been reported over the last two years involved homeowners who were current on their mortgages.
But the story gets better-
The question is how does the servicer’s inspector determine whether a home is vacant before securing it? Do they peek through your window? Do they assume your home is vacant if you haven’t mowed your grass and happen to be on vacation?
A Fannie spokeswoman says the process involves various steps and it includes checking to see if utilities are on, if there are people in the house and if there is furniture in the property.
But how do you know if there is furniture in the property before you enter the house?
The spokeswoman declined further comment beyond what is explained in the guidelines.