The last post I could find was 2011-and there were no responses to it. Has anyone recently done a short sale on a home with a reverse mortgage? I've not done one and I'm curious if it's possible...and what is different. Thanks!
Tags:
Stephanie,
I did a reverse short sale with Wells Fargo in 2012. The process was the same as a traditional short sale with the request for the same documentation. . Good luck!
Stephanie,
The basic procedure and documentation should remain the same as a traditional short sale. We completed one not to long ago. I always like to ask a lot of questions when i'm doing my initial research with the servicers to further understand their systems and procedures.
310-564-6389
I'm in the middle of one right now Freedom Financial. The gross purchase price needs to be no less than 95% of the appraisal. Paperwork is acutally very minimal on mine since the borrower is deceased and the purcahser is an hier. (There is an hier redemption option that doesn't violate the "arms length" as long as they are named in the will. Just provide probate docs and you're off an running.
© 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.