Has anyone done a short sale where there was a reverse mortgage. I understand that the loan docs are written completely different for these. Advice?

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Mori, I haven't. But I can't see where it would be any different than a regular short sale. I think Wendy just listed one of these as well. Maybe she has some info that would help.

It's still just a mortgage. It just has negative amortization. Keep us posted as you go through the process.
Hi Mori and Bryant! My potential seller was giving me conflicting information. I ended up checking on Bank of America's site about reverse mortgages. It basically said if your market value is less than the mortgage balance if you sold the house, you would not owe them anything. Of course, you would have to pay the broker and closing costs. I have not fully explored this because the gentleman is trying to do a deed-in-lieu of foreclosure before listing. Here is the link:
OOPS here is the link: http://reversemortgage.bankofamerica.com/details/how-reverse-mortga...


Wendy Rulnick said:
Hi Mori and Bryant! My potential seller was giving me conflicting information. I ended up checking on Bank of America's site about reverse mortgages. It basically said if your market value is less than the mortgage balance if you sold the house, you would not owe them anything. Of course, you would have to pay the broker and closing costs. I have not fully explored this because the gentleman is trying to do a deed-in-lieu of foreclosure before listing. Here is the link:
I have a SS with a Wells Fargo reverse mortgage.  It appears to me it would be handled as any other SS but before I dive in thought I would test the Superstar waters.  Has anyone else had one of these?  Thanks.

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