Comment

Comment by Kevin - Greenville, SC on January 8, 2015 at 6:50am

http://massachusettsshortsales.net/2012/05/the-reverse-mortgage-sho...

Comment by Kevin - Greenville, SC on January 8, 2015 at 6:47am

4. If the mortgage is due and payable and the borrower (or estate) will not be retaining ownership of the property, the property may be sold for at least the lesser of the unpaid mortgage balance or 95% of appraised value.  

 

In any circumstance where a mortgagee agrees to the acceptance of less than the full mortgage balance, such sale of the property by the borrower (or the borrower’s estate) should be an arm’s length transaction.  An arm’s length transaction is characterized by the following (1) the absence of a relation between the buyer and seller; (2) a selling price and other conditions that would prevail in an open market environment; (3) transaction costs paid by the seller that are considered both reasonable and customary for the market in which the property is located; and (4) the adherence to ethical standards of conduct by all parties involved in the HECM short sale transaction, including the borrowers (or the estate), mortgagees and appraisers..

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-....

Comment by Corinn on January 8, 2015 at 6:35am

Is there somewhere I can look on HUD's website for the allowable fees for a reverse mortgage, Kevin?  

Comment by Kevin - Greenville, SC on January 8, 2015 at 6:26am

Corinn, The fees allowed for a reverse mortgage ss are not the same as a standard FHA PFS.

Comment by Corinn on January 8, 2015 at 4:57am

Has anyone come across a Reverse Mortgage short sale where the lender states they will not pay a settlement/closing fee?  WF states this is not allowed, per HUD guidelines.  Looking at the Allowable vs. Disallowable costs - paid from Seller's Funds at PFS Settlement worksheet, it is most certainly allowed.  Who do they expect to close the transaction?  They will not supply their own title company either.  Opening a ticket w/HUD, but thought I'd get some feedback from here, since ya'll are so knowledgeable!

Comment by Kevin - Greenville, SC on October 28, 2014 at 7:29am

And/or HUD.

Comment by Kevin - Greenville, SC on October 28, 2014 at 7:26am

Jessica,

Time to get an Attorney involved. 

Comment by Jessica Eisenhauer on October 28, 2014 at 7:20am

HELP!  I closed a HUD Preforeclosure Short Sale in July of this year for one of my clients and now my client is getting letters stating they still owe money to Ocwen?  They even received the a cash incentive at closing.  We had a signed ATP and everything worked as normal for this program..  I have never seen this before?  Have any of you seen this?

Comment by Carolyn Triebold, MS on October 22, 2014 at 9:51am

Thanks Kevin, I am trying and did send them the HUD links. They are still so new at this that it has been very difficult to get calls back and receive any escalation within the company.  Thanks again 

Comment by Kevin - Greenville, SC on October 22, 2014 at 8:21am

they are incorrect. show them the guideline and escalate accordingly.

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