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!
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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.
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.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389
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!