Westminster CO – Here is a story about a Reverse Mortgage Short Sale which is still in the process of accomplishing a satisfactory conclusion! It may foreclose before resolving the issue!
I want to share the oddity of this situation, in the event you ever come across the same situation. Be careful, with the reverse mortgage foreclosures out there!!
Bear in mind, this is based on the laws of Colorado and the foreclosure process taking place in the Denver County.
We have a client that is in the foreclosure process, and one postponement of the sale date has occurred. The lender is James B. Nutter, they work "reverse mortgages" and have recently filed foreclosure on a property in Denver.
Search for Homes in Westminster under $350,000!!
To understand reverse mortgages, one must know that the lender will never call the note due until the death of the individual on the note. This balance due, at this time, is $293,850, with an estimated value of $462,555. (That est. value was based on a future value of the property when the loan was taken out in 2008)
Property value, today, is around $225,000, based on the current market and property condition!
The individual on the note, had passed on a year ago. Here lies the issue! The property is deeded in Title to TWO individuals (Husband and Wife). They acquired the property in 1963 as Joint Tenants. The wife is the only individual on the Deed of Trust and Promissory Note (In Colo. we use Deeds of Trust and Promissory notes, NOT mortgages), and she is the only one identified in the foreclosure recording.
Why is this an issue? Simply stated, the Title company, Chicago Title, did not perform the proper title search when they performed the closing on behalf of James B. Nutter. Not ALL Parties to the Title were included in the reverse mortgage refinance!!
Now, with the foreclosure sale date coming up soon, when James B. Nutter places it's bid, and then becomes the winning bid at the sale, do they own the property outright? OR, have they become "partners" with the Husband who is still on title? Interesting situation, here!!
We believe, attorneys and my office, that they will in fact be Tenants in Common, since the Wife had signed her interest away on the reverse mortgage, and THAT is what James B. Nutter is foreclosing on! The Husband is the other owner, and now he TOO is a Tenant in Common!!
Stay tuned for an update within the next month, and we shall share the continuation of this "reverse mortgage short sale" or "foreclosed" saga!!
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-521-0984
Thanks for reading this, Dan Hopper.
Dan is a Realtor located in Westminster, CO., specializing in Denver loan modification and short sales:
Phone: 303-521-0984.
To understand reverse mortgages, one must know that the lender will never call the note due until the death of the individual on the note. This balance due, at this time, is $293,850, with an estimated value of $462,555. (That est. value was based on a future value of the property when the loan was taken out in 2008)
Property value, today, is around $225,000, based on the current market and property condition!
The individual on the note, had passed on a year ago. Here lies the issue! The property is deeded in Title to TWO individuals (Husband and Wife). They acquired the property in 1963 as Joint Tenants. The wife is the only individual on the Deed of Trust and Promissory Note (In Colo. we use Deeds of Trust and Promissory notes, NOT mortgages), and she is the only one identified in the foreclosure recording.
Why is this an issue? Simply stated, the Title company, Chicago Title, did not perform the proper title search when they performed the closing on behalf of James B. Nutter. Not ALL Parties to the Title were included in the reverse mortgage refinance!!
Now, with the foreclosure sale date coming up soon, when James B. Nutter places it's bid, and then becomes the winning bid at the sale, do they own the property outright? OR, have they become "partners" with the Husband who is still on title? Interesting situation, here!!
We believe, attorneys and my office, that they will in fact be Tenants in Common, since the Wife had signed her interest away on the reverse mortgage, and THAT is what James B. Nutter is foreclosing on! The Husband is the other owner, and now he TOO is a Tenant in Common!!
Stay tuned for an update within the next month, and we shall share the continuation of this "reverse mortgage short sale" or "foreclosed" saga!!
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 303-521-0984
Thanks for reading this, Dan Hopper.
Dan is a Realtor located in Westminster, CO., specializing in Denver loan modification and short sales:
Phone: 303-521-0984.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Denver CO Loan Modification Help, Denver CO Short Sales. Denver CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.
View my VIDEO BLOG atwww.youtube.com/user/avoidforeclosures?blend=12&ob=5
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Important Notice
Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dan Hopper's personal views and do not reflect the views of Remax Alliance.
This information on Denver Short Sales: A Reverse Mortgage Short Sale Nightmare? is provided as a courtesy to our viewers to help them make informed decisions.
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