Reverse Mortgage Short Sales

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Reverse Mortgage Short Sales

If you have a client that has done a reverse mortgage and now needs to short sale, this is the group

Members: 75
Latest Activity: Oct 10

Information For Reverse Mortgage Short Sales

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Discussion Forum

Reverse Mortgage HUD fees

Started by Joanne Finochio. Last reply by Becky Martin Jan 18, 2013. 8 Replies

I sent my final HUD in for approval and settlement attorneys fees were removed as well as other fees.  Does anyone know what fees are acceptable? Continue

Reverse Mortgage Short Sales

Started by Mori Langshaw Sr. Last reply by Bill Garrett May 24, 2011. 4 Replies

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?

Not yet?

Started by John Treadwell Jun 14, 2010. 0 Replies

I would like to know how that works too  anyone got any info  ,or even maybe were a family member is trying to keep the home ,how would short sale work now?

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Comment by Chad Gelsinger on October 20, 2013 at 10:10am

Hi Nancy, most reverse mortgages require a minimum offer of 95% of the appraised value. If you have a buyer already, HUD should not reduce the offer price. Be advised, you must season a reverse mortgage for 60 days after either the owner is deceased or has moved out of the home. Make sure Guardian is aware the owner is deceased. HUD does allow the servicer to pay 6% on reverse mortgages with dual agent/agency. Chad. 

Comment by Nancy Shuff on October 20, 2013 at 8:25am

We just listed our first home with Reverse Mortgage Short Sale, Southern CA.  Within days we have one investor cash offer, and 2 other investors that want us to represent them, also as cash offers. 

Lien holder is Guardian.  I sent in 3rd party authorization but was told it takes about 20 days to be authorized on file. I have questions I want answers to before then.

I had the successor trustee call the lien holder to see what the FHA appraisal value was, which was completed soon after death of owner.  The appraised value is much less that what we listed the property. (which is valid through next month)   One of the investors said he just completed a reverse mortgage short sale, and the lien holder reduced his offer to their appraise value (without buyer requesting it)   Would HUD do this???  I would think that they would accept more from a cash buyer if offered.  I understand that a buyer using a FHA loan would want to just pay the appraised value so they don't have out of pocket difference in purchase price and appraised value. 

Also, does HUD accept full 6% commission if a dual agent? (Dual agency is permitted in CA.  Some lien holders cut commission for dual agency by 1-2%.  I asked Guardian Customer Service, but she didn't know what I was talking about.)

Any help would be appreciated.  I'll call the customer service tomorrow (no loss mitigation or short sale department) but at this time, I'm not expecting much help there.

Thanks

 

 

Comment by Kylee Roe on April 22, 2013 at 10:02pm

that is WE ARE in California. No question mark. ;)

Comment by Kylee Roe on April 22, 2013 at 10:01pm

Hi all,

New client, old friend. Dad left her the home, reverse mortgage is the lien. NOD filed 4-11-13. Is the NOD time period the same for this note, as any other "regular" lien/note (90 days plus publication period)? We are in California? Or is it a special case and can go to trustee sale quicker? THANKS.

Comment by Brian McMartin on October 22, 2012 at 3:11pm

I am finishing up my Reverse Mortg SS this week.  Easier than most short sales, but they still move at a glacier pace to get the approval. Biggest issue was that they require a full FHA appraisal for value and the bank will not pay for it - they trustee or in this case I had to pay for it.  They will accept an offer of 95% of this appraised value.  Additionally, you do not need to put on the open market - trustee has the option of choosing whomever they want to buy it and they don't ask for any arms length affidavit.  It was explained to me that this is supposed to be one of the benefits of a Revers. Mortgage; they assume the trustee or someone in the family may want to purchase.  This was nice as we were able to choose the buyer. 

 

Comment by Napua Lucas on October 22, 2012 at 3:02pm

Has anyone completed their Reverse mortgage SS yet?  Curious how it went and what might have been different. Or what to watch out for.  Any information would be appreciated.  Thank you.

Comment by Napua Lucas on October 22, 2012 at 2:51pm

I would like to join your Reverse Mortgage Short Sale group as I may be working on one. 

Comment by Brian McMartin on June 4, 2012 at 11:25am

Just received my first FHA short sale reverse with Wells Fargo.  Any advice would be helpful.    Thanks so much,

 

Comment by Justin Burke on April 2, 2012 at 12:17pm

Bill, I am just beginning my first reverse mortgage short sale and I am dealing with WF.  Can you guide me on how to submit the SS pkg?  WF's reverse mtg department can't even figure it out.  Also, I have heard that I need to get WF to call the loan due first - is that what you had to do?

Comment by Michael Schneider on September 28, 2011 at 7:42am
Thanks, Bill, much appreciated.
 

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