California Reverse Mortgages by your Sacramento Reverse Mortgage Provider

Stop Foreclosure With a Reverse Mortgage!

by Zachary Scott
July 28, 2009

Check out any neighborhood in America and you will see foreclosure signs.

Foreclosure is rampant across the nation today, but a lot of seniors can avoid losing their homes by taking out a reverse mortgage.

Using the reverse mortgage is a simple 30 to 45 day process but you must first acknowledge their financial circumstances.

"Most seniors believe that it’s un-American to be foreclosed upon and that no one will ever take their house away from them, so they bury their heads in the sand.

Don’t ignore the foreclosure notices and think that it will all just go away.

Ask yourself, "Do you want to remain living in your home?"

If you do then it just make sence to do the reverse mortgage and do it fast.

Time is not on your side if you want to avoid foreclosure.

– HECM Counseling is required and we have a list.
– You will need to sign and date all HECM disclosure documents the we will submit the docs to FHA.

The "short pay-off from the senior’s lender" that is the tough part.

In order to stop the foreclosure, the reverse mortgage lender must free the property from the past-due forward-mortgage lien.

The negotiation between the reverse mortgage officer and the senior’s existing forward lender invariably boils down to how much less than the full balance will the forward lender accept to end the foreclosure proceedings – a discount known as a short pay-off.

Short pay-off negotiations are, by all accounts, time-consuming and frustrating, but there are strategies for increasing the likelihood of a deal with forward lenders.

Even before negotiations start, the reverse mortgage loan officer must find the right person to talk with at the senior’s forward loan provider.

A forward mortgage lender contemplating a short pay-off will request certain documentation from the senior, such as two recent bank account statements, tax returns, a conditional reverse mortgage approval document, reverse mortgage benefit summary, a recent mortgage statement, and an FHA appraisal.

Remember the has a 70% chance of this not working but it can happen.

Call us today to see if the reverse mortgage will work for you.

Just call…866-309-6626 or fill out the no obligation reverse mortgage loan quote form…