Reverse mortgage and short sale? Is there such a thing? How would I proceed

I have a new listing beginning at the end of the month.  My clients used a reverse mortgage to purchase the subject property.  The current market value is below payoff.

Is there a process for a short sale on a reverse mortgage?  Where, and how do I begin?

Views: 124

Replies to This Discussion

Permalink Reply by Steve Norris on August 3, 2012 at 4:18am

I recently completed one with Bank of America. It was a very quick and straightforward process. It didn't, however, go through their short sale department; it all went through the reverse mortgage department. Start by contacting the reverse mortgage department directly and they should be able to walk you right through it.

Permalink Reply by Smitty on August 3, 2012 at 4:33am
Permalink Reply by Jan Sanderlin on August 3, 2012 at 8:44am

To get to the Reverse Mortgage Dept you may have to start in Customer Service to get connected if you don't have contact information.  The Bank receives current market value no matter how upside down they are...Should be a farily simple transaction depending on your seller's hardship.  Are you dealing with Wells or BofA???

Permalink Reply by Bill Somerset on August 4, 2012 at 11:44am

Thank you all for your help.  Luckily I have until the 24th before the listing is active, so plenty of time to research.

Loan is held by Wells Fargo.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************