If you have a client that has done a reverse mortgage and now needs to short sale, this is the group
Latest Activity: Apr 6, 2020
Started by Joanne Finochio. Last reply by Becky Martin Jan 18, 2013. 8 Replies 0 Likes
I sent my final HUD in for approval and settlement attorneys fees were removed as well as other fees. Does anyone know what fees are acceptable? Continue
Started by Mori Langshaw Sr. Last reply by Bill Garrett May 24, 2011. 4 Replies 2 Likes
Has anyone done a short sale where there was a reverse mortgage. I understand that the loan docs are written completely different for these. Advice?
NOVAD Short Sale Forms for anyone that needs some help.
@LUTHER Who's the servicer? Doubtful you'd get it approved that quickly but if you send them the package and an offer they may postpone. Push to see if you can get the appraisal ordered asap.
Has anyone had any luck getting a reverse mortgage short sale approved with the auction date 20 days out?
How long does it take for NOVAD to get an approval? They ordered an appraisal as soon as I submitted a contract. Appraisal came in high and buyers reluctantly raised their sales price. I submitted the price addendum on 6/7/16. My contact there seemed to be very helpful but the last time I heard from her was 6/14/16 stating she would follow up on approval. Haven't heard from her since after numerous follow ups. Two others have been copied on these emails including a supervisor. Have also left voicemails to all three. Any suggestions?
Does anyone know who to contact at the HUD-FHA loss mitigation department? The owners took out a Reverse Mortgage on the home in 1999 and have both since passed away. The house has sat vacant for at least 4 years now and the last owner of record passed on 2 yrs ago. I have had several buyers or looky loos ask about the status of the home over the last couple of years so I am trying to find out who to contact about it. Any assistance would be appreciated. I do have the HUD case number. The mortgage was originated by Zions then insured by HUD and assigned to MERS.
@jimmy From my experience they likely will not pay out any commission especially if she is representing herself. If she was only representing her husband, they could very well still not pay out commission to that side.
I'm working with NOVAD on submitting an offer that came in over the weekend however the selling agent is representing herself and her husband. How would HUD respond to this? Would they even pay the selling agent a commission?
Can anyone help me? I'm slowly losing my mind over a Champion transaction! They are the WORST EVER! It's been in the works since Oct 2012, approved back in July 2013. There was about $35K in credit card liens on title, so we couldn't close on time. I worked for 3 months to get that $35K reduced to $0 to clear title. The estate is massively insolvent, and the buyers are still hanging on since they are personally invested. I have been trying to get this re-approved since September and all I'm getting are requests to re-fax the same docs over and over, "lost paperwork" and no movement. Any ideas?? This is awful!
Thank you Chad. I too have closed many FHA short sales, and there were no restrictions. I don't have my approval yet on the reverse mortgage, so I just wanted to make sure there were no surprises. Thank you so much for your quick response.
Laura, most reverse mortgages are guaranteed by HUD and I am not aware of any deed restrictions for HUD. We have closed many reverse mortgage Short Sales and none of them had restrictions. If for some reason the servicer has issued a deed restriction, it should be in the approval letter.
Be sure to have your title company/attorney review the chain of title for prior restrictions on the deed, as they would most likely still apply. Chad.
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