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.
Technorati tags: Reverse Mortgage, Reverse Mortgage News, Foreclosure, HECM
Trying to Stop Foreclosure With a Reverse Mortgage (Part 2)