Comments on: Reverse Mortgages As A Loan Modification Strategy http://reversemortgagedaily.com/2009/04/02/reverse-mortgages-as-a-loan-modification-strategy/ Reverse Mortgage News and Information Sat, 26 May 2012 06:42:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Imee http://reversemortgagedaily.com/2009/04/02/reverse-mortgages-as-a-loan-modification-strategy/comment-page-1/#comment-23092 Imee Tue, 07 Apr 2009 11:18:10 +0000 http://reversemortgagedaily.com/2009/04/02/reverse-mortgages-as-a-loan-modification-strategy/#comment-23092 Reverse mortgages aren't new to me but I'm still a little confused by it. However, based on your explanation, I think it's a good way to modify your loans. After all, not everyone will qualify for certain loan modification programs like Making Home Affordable, so this may be a good alternative. Reverse mortgages aren’t new to me but I’m still a little confused by it. However, based on your explanation, I think it’s a good way to modify your loans. After all, not everyone will qualify for certain loan modification programs like Making Home Affordable, so this may be a good alternative.

]]> By: Terry http://reversemortgagedaily.com/2009/04/02/reverse-mortgages-as-a-loan-modification-strategy/comment-page-1/#comment-22731 Terry Fri, 03 Apr 2009 22:51:07 +0000 http://reversemortgagedaily.com/2009/04/02/reverse-mortgages-as-a-loan-modification-strategy/#comment-22731 Saving a home from foreclosure is not impossible but does take a lot of work,persistance and time on the part of the homeowner, the originator and the investor. And, yes, the numbers do need to be reasonable. We did a "short settlement in lieu of foreclosure" and closed Mr. & Mrs. N's HECM in February. The 1st MRTG backed off most of their fees and accepted a lower amount. The 2nd Mrtg didn't get much but it was more than they would have likely gotten in a foreclosure, and a lot sooner too. In the paper this morning was the obituary for MR.N. This loan closed just in time. It is worth our effort to try. Saving a home from foreclosure is not impossible but does take a lot of work,persistance and time on the part of the homeowner, the originator and the investor. And, yes, the numbers do need to be reasonable.

We did a “short settlement in lieu of foreclosure” and closed Mr. & Mrs. N’s HECM in February. The 1st MRTG backed off most of their fees and accepted a lower amount. The 2nd Mrtg didn’t get much but it was more than they would have likely gotten in a foreclosure, and a lot sooner too.

In the paper this morning was the obituary for MR.N. This loan closed just in time. It is worth our effort to try.

]]> By: David Bernstein http://reversemortgagedaily.com/2009/04/02/reverse-mortgages-as-a-loan-modification-strategy/comment-page-1/#comment-22668 David Bernstein Fri, 03 Apr 2009 15:19:48 +0000 http://reversemortgagedaily.com/2009/04/02/reverse-mortgages-as-a-loan-modification-strategy/#comment-22668 Randy, Enjoyed your article. I too would like to see accurate statisticts on senior homeowners in default, forereclosure & in bankruptcy. I have worked with attorneys that will make contact with officers at mortgage companies that have the authority to accept a reduced payoff, so that the senior can qualify the RM. Having been a direct hard money lender years ago, I know for a fact, that carrying a non-performing loan on your books can definetly hurt. It just might be in the best interest of the mortgagee to accept a lessor payoff, and remove the loan from their books, then have the client go into foreclosure/ bankruptcy. Of course the client can then proceed with the RM. For additional info, I can be reached at: dbernstein@barclayfunding.com Randy,
Enjoyed your article. I too would like to see accurate statisticts on senior homeowners in default, forereclosure & in bankruptcy.

I have worked with attorneys that will make contact with officers at mortgage companies that have the authority to accept a reduced payoff, so that the senior can qualify the RM.

Having been a direct hard money lender years ago, I know for a fact, that carrying a non-performing loan on your books can definetly hurt.

It just might be in the best interest of the mortgagee to accept a lessor payoff, and remove the loan from their books, then have the client go into foreclosure/ bankruptcy.

Of course the client can then proceed with the RM.

For additional info, I can be reached at:
dbernstein@barclayfunding.com

]]> By: carol stanley http://reversemortgagedaily.com/2009/04/02/reverse-mortgages-as-a-loan-modification-strategy/comment-page-1/#comment-22647 carol stanley Fri, 03 Apr 2009 12:11:13 +0000 http://reversemortgagedaily.com/2009/04/02/reverse-mortgages-as-a-loan-modification-strategy/#comment-22647 We took a reverse mortgage out two years ago..and bought a vacation home. It was easy, reliable and did the trick. I would recommend it wholeheartedly... esp. for people who would like to eliminate a mortgage payment ...Why not use your equity???? We took a reverse mortgage out two years ago..and bought a vacation home. It was easy, reliable and did the trick. I would recommend it wholeheartedly… esp. for people who would like to eliminate a mortgage payment …Why not use your equity????

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