I have a deal with a reverse mortgage. The family just gave it back to the mortgage company, How can I get the house from the mortgae company, they did not seem willing to deal with me. Do they short sale? do they have a loss mitigation department? Kelly in Vegas.
Kelly,
I suspect the mortgage company won’t deal with you because the have a low-cost house which will retail for a lot more than they have in it. Reverse mortgages are usually for a lot less than the market value of the house. The mortgage company MAY be reasonable if you talk to the right employee. I believe all mortgage companies have loss-mitigation departments. Not all company employees know about them. Keep calling until you get
to the loss-mit folks.
Good luck,
Ray
Thanks for the input Ray, the house has been tuned over to HUD according to the reverse mortgage people. How do I contact HUD ?
Kelly,
The plot thickens. The mortgage company got their profit from the insurance by handing it to HUD. HUD bureaucrats may be a bit better, but the only HUD house I was ever able to buy was a bureaucratic paininthe. I believe “HUD.gov” will give you the address and phone numbers for the regional HUD office. I would call that office and keep talking to people until I got an answer. They have to dispose of the house somehow, and may put it on the market to investors. Perhaps if you can show them something wrong with the property they will open bidding to investors rather than reserving it for owner-occupants.
A sob-story similar to your situation: I offered a foreclosing bank 3k above the judgement bid. They ignored me and turned it over to HUD, where it was sold to an owner-occupant for 3k LESS than the judgement bid. (That was the easy HUD deal. The other house they sold to me after torturing me for three months)
Good luck
Ray
Ray, thanks again
There is PLENTY wrong with the house so i will keep pestering HUD. Do you know the correct channel at HUD