Trying to Stop Foreclosure With a Reverse Mortgage (Part 2)

artForeclosure1_clip_image002 To 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 is willing to take a payoff from a reverse mortgage that is $14,000 short!

You would think it would be easy after getting the ok from the lender right? Of course not. When we received a copy of title, we found a few judgments that according to the borrower have already been paid. I’ve got a copy of her last HUD-1 showing evidence of amounts being paid to debt collectors but they have no record of anything ever being paid. So, I am working with title companies and debt collectors trying to provide evidence to show that judgments have been paid. Things are moving slowly but hopefully everything will work out.

So, if you are working with a borrower who is currently in foreclosure, don’t hesitate to contact the lender and offer a short payoff! I would also recommend you get someone from the states attorneys office to call… they listen more when they hear someone from the states attorneys office is calling vs. John Yedinak from Terme Mortgage.

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  • Nice job on getting the short payoff approved. For $14,000, the lender should jump at the chance to get a potential foreclosure property off of the books. The attitude should be one down, several million more to go. But smaller short sales can be relatively easy to negotiate; asking for $125,000 less might not have been as easy.

    Have you tried asking the state’s attorney to call the collection agencies with the judgments, as well? I’m not sure any debt collector would like a call from the state’s attorney. They pretty much operate in the shadows as much as possible in order to avoid state’s attorneys and regulatory agencies as much as possible, and just rely on threats and lawsuits to force payment.

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