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Short sales on Reverse Mortgages
Started this discussion. Last reply by Mike Aubele May 11. 4 Replies 0 Likes
I'm working on a short sale on a Reverse Mortgage with Generations Mortgage. Does anybody have any experience with reverse or mortgages with Generations? Specifically do they allow seller moving…Continue
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Smitty replied to Mike Aubele's discussion Short sales on Reverse Mortgages"I have not done a reverse with Generations, but the few that I have done required a FHA appraisal up front paid by the seller and they were very specific on what they would and wouldn't pay. They should pay your full commission, but I…"
"Hi Mike,
Handle this like you would any other short sale. Include all your charges on the HUD as well and let them tell you what they won't allow. On a Reverse Mortgage, the loan is usually insured by FHA unless it's a Jumbo,…"
Mike Aubele posted a discussionShort sales on Reverse Mortgages
I'm working on a short sale on a Reverse Mortgage with Generations Mortgage. Does anybody have any experience with reverse or mortgages with Generations? Specifically do they allow seller moving allowances and will they cover commissions, cc, and transfer charges. Do you know what % of the Appraisal/BPO they will accept? Thanks.See More
Mike Aubele replied to Edwin Baloloy's discussion Citimortage $35,000 moving allowance letter"Chase offered the seller of the house I shorted 10K and it had to go on a separate line item on page two of the HUD. I think a lot of the banks are doing this because of the lawsuits of proving the HAVE the note...which they most likely do…"
Mike Aubele replied to Mike Linkenauger's discussion Our Association requires ALL offers be submitted to lenders"This MUST be coming from the banks. Simple. If it doesn't make sense, and it's about the LENDER getting more, then it was written by the banks and passed on to the association to write it up. The banks write all policy…"
Mike Aubele replied to Sharon Molnar's discussion Fifth Third"Hi Sharon,
Were you there when the BPO was performed by chance?
Mike"
Mike Aubele joined Mike Linkenauger's group
Short Sale Referrals
This is a group for agent to agent short sale referrals and to post short sale listing referrals for agents across the country.
Mike Aubele joined Ethan Gregory's group
Negotiation Station
Having closed over 100 short sale transactions I am happy to lend advice and tips on how to get your short sale approved. Is your Seller scared and not sure what to say, is the bank unresponsive or do you have a difficult task? Feel free to ask!See More
Mike Aubele joined Cheri Smith's groupAHMSI Short Sales
Guide for Short sale transactions with American Home Mortgage Servicing Inc (AHMSI) and short sale programs
Mike Aubele joined Angela Alfe's group
MetLife Home Loans
Group to discuss short sales with Metlife Home Loans. MetLife short sale package, information and help.See More
Mike Aubele joined Tammie Smith's groupAurora Loan Services Short Sale
Anyone dealing with Aurora Loan Services? Looking for advice, share comments, success and horror stories.
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Forum
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Can the seller pay additional commission?
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