Preventing Foreclosure
Personal success stories are a powerful vehicle to imprint the value of a product or service in potential clients’ minds. The following true tale will brighten your prospects’ holiday season.
Reverse Mortgage To Prevent Foreclosure
Reverse mortgage was a lifesaver for 77-year-old Isidoro, who had been in foreclosure due to the current economy. By the time he contacted Security One Lending, Isidoro was on the verge of losing his home to foreclosure within a few months. He was faced with moving out of his home and trying to find a rental somewhere on a Social Security income of just $800 a month, which would have left him with precious little money for food and other necessities.
Security One’s loan advisor quickly realized that the home’s value was in decline — something many Americans are experiencing now. Chase Bank had tried for the better part of a year to “short sale” the home, with no offers. Fortunately, the bank has a program to accept a reverse mortgage in lieu of a short sale.
Security One Lending negotiated with Chase Bank over several months — and several foreclosure extensions — to ultimately shave a whopping $182,000 from the principal note balance. Additionally, the loan agent was able to drastically reduce the reverse mortgage loan fees to allow the client to qualify, and have his existing Chase Bank loan paid off in full — which kept him from losing his home.
Isidoro retains full title to his home, and can never lose the house due to non-payment. That’s a true holiday gift!
In Part 2, we’ll hear from seniors for whom reverse mortgage means relief from financial stress.
9 Comments
Under Met’s new guidelines for reverse mortgages, I don’t believe we will see stories like this in the future. I believe a mortgage late kills the deal.
Sad to think that someone like Isidoro will probably no longer qualify for a reverse mortgage, due to the new underwriting guidelines.
I only hope you will still be able to do this when all the financial underwriting is in place.
This is a great story with a happy ending for Isidoro. Fortunately for him, he was able to get in contact with the reverse lender before it was too late. Most seniors are unaware that a reverse mortgage is even an option for them to cure a default or possible foreclosure on their existing mortgage. We have educated many clients in similar situations on how this product can be used to not only save their home from foreclosure but to literally change their lives. For more information on how these products can be utilized to prevent foreclosure, please visit our website at http://www.liveinreversenow.com/home.html
Amara,
I myself have saved at least 20 Senior Families from foreclosure and it is a wonderful feeling of accomplishment. But I am afraid that the new financial assesment guidelines will leave many seniors homeless.
A lot of us also had stories like this before October 1, 2009 when PLFs were reduced. It seems we are in a downward trend in being able to help seniors.
Good comments and concerns. I understand the concern regarding the effect of the financial assessment and its impact on those who may need it the most…those facing foreclosure.
It appears each lender will be developing their own underwriting criteria for FA. The next three months should tell us more.
It doesn’t make sense. These stories were what we were all about. Very Sad.
This story is good and true but let us see how the new Financial Fitness guidelines are applied to our industry before we snap to judgement. Each lender will write thier own guidelines and some will be more strict than others. HUD will write their own guidelines also but they have a lengthy comment period and who knows when they will be in effect. We will have the opportunity to make comments during HUD’s comment period. Perhaps our combined voices will have some effect.