http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/ Reverse Mortgage News and Information Fri, 21 Nov 2008 20:30:43 +0000 http://wordpress.org/?v=2.3.1 http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-11724 Michael Tue, 11 Nov 2008 16:01:59 +0000 http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-11724 If you want to really help the person and they are $6,000 short, start with your commission and the lender's cut. That's what I did. I did the loan free and talked to the Lender to see if they would waive the fees as well. They were still msking money on the servicing. Long story short, I saved their home. I didn't get much recognition from the lender for my "good deed" as I don't think they wanted to advertise they would drop fees to help seniors in foreclosure? Good luck! If you want to really help the person and they are $6,000 short, start with your commission and the lender’s cut. That’s what I did. I did the loan free and talked to the Lender to see if they would waive the fees as well. They were still msking money on the servicing. Long story short, I saved their home. I didn’t get much recognition from the lender for my “good deed” as I don’t think they wanted to advertise they would drop fees to help seniors in foreclosure? Good luck!

]]> http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-10031 sharon ford Thu, 16 Oct 2008 09:39:40 +0000 http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-10031 I have had several reverse mortgages and thought they were great. I was put in one that turned into a nightmare. It was a new program with Virtual Bank in Florida. I was not informed it did not have government insurance, and also told that what was left would earn a certain amount of interest. I left l/2 of it in there. Now that I want it, they informed me that there might not be any money there. They also are always gone from their desk, and I have talked only a few times. They are rude, and now sent a letter saying we should get a new loan with another mortgage co., and the numbers do not work for me as the value has gone down. I noticed that there was a clause that said if the value of the home fell below what was owed, then they could decide if they wanted to give the rest of the money. I now have been informed to get a new appraisal for a new loan, although I have informed the new company that the numbers do not work for me any more for a new one. I was not counseled as I can recall about this being a non-insured government loan, which means I will probably not get the rest of the money. My husband just died and I now have this stress on me, and have counted on the money being there. They did not even give me over the last two months a statement with the available funds on it, as it was left blank. When I inquired about that, they said they changed their forms. This is what puts a bad light on this type of loan. People who are protecting themselves rather than the seniors. My loan is #33, so it came and went very quickly, and now I am left hung out to dry. I have had several reverse mortgages and thought they were great. I was put in one that turned into a nightmare. It was a new program with Virtual Bank in Florida. I was not informed it did not have government insurance, and also told that what was left would earn a certain amount of interest. I left l/2 of it in there. Now that I want it, they informed me that there might not be any money there. They also are always gone from their desk, and I have talked only a few times. They are rude, and now sent a letter saying we should get a new loan with another mortgage co., and the numbers do not work for me as the value has gone down. I noticed that there was a clause that said if the value of the home fell below what was owed, then they could decide if they wanted to give the rest of the money. I now have been informed to get a new appraisal for a new loan, although I have informed the new company that the numbers do not work for me any more for a new one. I was not counseled as I can recall about this being a non-insured government loan, which means I will probably not get the rest of the money. My husband just died and I now have this stress on me, and have counted on the money being there. They did not even give me over the last two months a statement with the available funds on it, as it was left blank. When I inquired about that, they said they changed their forms. This is what puts a bad light on this type of loan. People who are protecting themselves rather than the seniors. My loan is #33, so it came and went very quickly, and now I am left hung out to dry.

]]> http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-5561 Joe Sun, 10 Aug 2008 06:33:40 +0000 http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-5561 I do not quite understand would I put my Daqughter on the Deed then get a reverse mortgagee? if I wished for her to inherit the house, or will she loose any entitlement to my home when I die, I bought this home with the intent of leaving it to her ,If I get a reverse mortgage where dose that leave her.I recently lost my job so I nee4d to do something...please respond I do not quite understand would I put my Daqughter on the Deed then get a reverse mortgagee? if I wished for her to inherit the house, or will she loose any entitlement to my home when I die, I bought this home with the intent of leaving it to her ,If I get a reverse mortgage where dose that leave her.I recently lost my job so I nee4d to do something…please respond

]]> http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-5261 Wholeo Mon, 28 Jul 2008 17:25:27 +0000 http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-5261 Yes thier are banks that are doing short payoffs, i recently saved a client 80,000 and got them into one fixed loan.... Yes thier are banks that are doing short payoffs, i recently saved a client 80,000 and got them into one fixed loan….

]]> http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-3176 Trying to Stop Foreclosure With a Reverse Mortgage (Part 2) :: Reverse Mortgage Daily Wed, 30 Jan 2008 18:54:19 +0000 http://reversemortgagedaily.com/2007/12/27/trying-to-stop-foreclosure-with-a-reverse-mortgage/#comment-3176 [...] follow up on my original post on using a reverse mortgage to stop a foreclosure, I thought I would update everyone on where we are at.  After about a week of waiting, the lender [...] […] follow up on my original post on using a reverse mortgage to stop a foreclosure, I thought I would update everyone on where we are at.  After about a week of waiting, the lender […]

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