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Financial Freedom HECM

Posted by Steve prashad on October 5, 2016 at 9:17am in Short Sale Discussions

Hello All-


I see a few threads about doing a short sale with reverse mortgages.

Has anyone had luck with closing a short sale with Financial Freedom with a reverse mortgage?

Also, anyone have an escalation contact that they deal with? I am having poor communication with the person handling my file at Financial Freedom.

Thanks in advance!

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Tags: financial, freedom, mortgage, reverse, sale, short
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Replies

  • Jonathan Katz October 6, 2016 at 4:32am

    I've closed a few. Smaller departments and often not as strong as communication due to volume of files vs workers.

    Have you reached out to any managers in that department? You can try to reach out to HUD, but often they push you back to the servicer on HECM's.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

    • Steve prashad > Jonathan Katz October 31, 2016 at 10:37am
      Hi Brett- thanks for the response. I've tried requesting a manager or an escalation department and the negotiator there is saying there is no such department at CIT bank.

      I am going try HUD. Hopefully they can offer some help.

      It's frustrating to say the least. They did an appraisal on the subject property which came in well over $100k of the market value and when I send in a value dispute with an independent appraisal, engineer's report, new comps and a contractor's estimate; all CIT can do is go back to the original appraiser and have them confirm that their report is valid.
      • Jonathan Katz > Steve prashad October 31, 2016 at 11:07am

        That sucks, no easy solution.

        When does the value expire?

        • Steve prashad > Jonathan Katz November 15, 2016 at 9:01am

          My seller actually filed a complaint with the CFPB against Financial Freedom and to our surprise he received a letter with an ACTUAL escalation specialist that is looking into the value dispute. 

          I find it funny because before the CFPB complaint, our assigned negotiator said that there is not an escalation department or anyone that could look further into the value dispute we submitted. 

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