Does anyone have experience with doing a short sale on a reverse mortgage? Can it be done?
Tags:
I do not have any experience with this, but there is a small discussion group on this website that might have some good resources. http://shortsalesuperstars.com/group/reversemortgageshortsales I hope this helps some, and that someone with experience can help you out. Best of luck.
Yes, though I've only had 3 (with an additional one currently listed). I found the workload to be only slightly less on these files (the property still had to qualify, but the buyer did not).
Here's the catch.... the buyer has no personal liability for the debt PROVIDED they have not defaulted on some other term of the agreement. If your buyer has failed to pay insurance or real estate taxes as required, then you can be sure that the lender is going to try and tie personal liability right back in. This is not so much an issue here where taxes are paid in arrears if we get it sold quickly, but old unpaid taxes or in other places I could imagine it would be a problem.
I have always processed the short sale/it's package the same as I do a 'traditional' mortgage loan.
Patrick
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.