A Reverse Mortgage Short Sale Conclusion!!
Westminster, CO -How many of you remember the TV Series, Quantum Leap, where Scott Bakula played a character named "Sam", and he would leap into other people's bodies and portray them in their era?
Whenever the show was to end, they would show Sam leap into a new body to create interest for the next TV show the following week. Remember, what he would say, after he discovered the "new leap"? Sam would mutter, "OH BOY!".
What does this have to do with my blog on a Reverse Mortgage conclusion? It is how I felt every time I tried to resolve a reverse mortgage that we had hoped to make a short sale to help out a homeowner!!
A quick synopsis to this story can be found here, at Reverse Mortgage blog, and now I want to bring this story to a conclusion!!
This is about a homeowner that was given foreclosure notice on his property, and he was never a part of the foreclosure process. How was that? His deceased Wife, is the one that went off and obtained a reverse mortgage, and she was NOT the only one on Title to this property!! The reverse mortgage lender, James B. Nutter, only had done a loan with only ONE person on the note.
Both parties have been on Title to this property since 1963!! So when is wife died, the note became due, and since the other person on title was not part of the loan process he could not correct the issue. After many discussions with him and real estate attorneys, it was determined based on Colorado statutes, that the living owner, and the lender are NOW co-owners as Tenants in Common!!
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After many visits and calls to get my living seller back on track, I could not communicate with him any longer. Now, this issue started about 18 months ago, and after about 6 months I could no longer spend time trying to help the homeowner.
In March of 2012, I discovered that the homeowner had passed away in September 2011. I was informed by another broker in my office that had re-posted MY BLOG about this situation from last year. He was contacted by the previous homeowners' Son, who was living in Chicago, and wanted to know what to do with the property!! Strange, huh??
After further discussions, we all concluded that since the note was at $285,000 and the property was worth about $240,000, it was best to let it go into foreclosure, in which it had.
NOW, I am dealing with another foreclosure issue, for a buyer on one of my listings! A buyer that was Quit Claimed on title to a property that has gone into foreclosure, last April 2012, and she is NOT on the loan. The Colorado foreclosure Attorneys that initiate the foreclosure notice to the Public Trustee, has her identified as a Grantor (borrower) for this foreclosure.
Of course, the NOTE only has ONE person on it. So, the new lender for this buyer's loan has denied the approval, based on her name being on this notice of foreclosure!! NOTHING is on her credit report!!!
Yes, my response to this, "OH BOY!"
HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!
Thanks for reading this, Dan Hopper.
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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "A Reverse Mortgage Short Sale Conclusion!!"