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| Green grass and high tides  |
I am doing some investigative work on a property belonging to some family where info is not readily available just yet. But what I do know is there is a reverse mortgage that appears to have reached maximum payout. The amount is about half of the property value. But thinking there may be another mortgage of some sort that has the balance of the property value tied up. Not sure on that part. But the reverse mortgage company appears to have assigned the loan to HUD and it will be serviced by someone called NOVAD. If any one has any specific info you wish to offer I would be grateful. Thanks guys and gals. "Practice like you want to play in the game" | ||
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| Member |
I would think that the sellers would be responsible for figuring out how much is owed (lein on the property). Understand that you may be trying to figure out if that is going to make it cost prohibitive. I would only proceed with caution. Title insurance and a good real estate savvy lawyer to review the sale. | |||
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Don't Panic |
It sounds like your working hypothesis is that they there may be a primary mortgage and they took out a reverse mortgage that reached its limit, and was sold. Not sure what the question is. If the owners/family in question hasn't kept records, or aren't willing to disclose, and your question is, 'How can I find out whether or not there's a primary mortgage?' then the county records office can help. I believe that most counties keep records of titles, liens etc. in books open to the public. Your county's Registrar of Deeds office should be able to help you find out how you can get access. In my county of NC, there is a website you can search by address. That search could also help you confirm whether or not the original reverse-mortgage holder has assigned/transferred the note. Can't help if the question is looking for details on dealing with HUD-held notes serviced by NOVAD - no personal dealings with either entity. I will note that a Google search of "Novad Management Consulting" does not give warm and fuzzies about their handling of mortgage transactions. | |||
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thin skin can't win |
Your question is pretty broad - what specifically are you trying to sort out? My only direct contact with a reverse was a relative where my wife was executor of estate. There were precious few other assets and with the reverse the property was substantially upside down circa 2011 at death. In the end we just walked away, advised the mortgage holders that was the estate’s decision. Took them about two years to finally complete the repo but they could have gotten consent on next day if they’d just worked that direction. You only have integrity once. - imprezaguy02 | |||
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| Slayer of Agapanthus |
The inquiry is vague. "It is only with the heart that one can see rightly; what is essential is invisible to the eye". The Little Prince, Antoine de Saint-Exupery, pilot and author, lost on mission, July 1944, Med Theatre. | |||
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| Member |
I'd have a title company run a search on the property. They are best positioned to figure out what is and isn't encumbering the title to the property. Mortgages are of little consequence as long as they are paid off before closing. | |||
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| Green grass and high tides |
Thank you guys for your thoughts. Some good suggestions and I appreciate it. I do not have any experience with reverse mortgages. I know what they are and am not a fan. But understand they can be a tool to help someone that may need money from the equity of their home. Although a borderline scam imho. As far as vague all I can tell you is what I have already stated. Trying to get more information on this reverse mortgage being paid to the max and then the company turning to Hud at that point. Also there have been multiple refinances of the property over the years. Probably (40 years or so) At some point there will be a death and I will be dealing with this situation and would prefer to have at least a decent basis to work from at that point rather than have to start trying to untangle a real complicated web then. I have known that this person has had screwed up finances since forever. So it is not going to be a fun or fruitful venture for me. Which is fine. I just want to be able to wrap it up as soon as the time comes and have all the skeletons out of the closet rather than have them come rolling out of the closet later. Somethings you just have to do. So there you have it. "Practice like you want to play in the game" | |||
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| Member |
There is only so much you can tell from public records about the extent to which the property is encumbered. There will be mortgages and notes recorded in the public records to show the encumbrances, but the balances remaining on those notes can only be determined by contacting the lender, and they are unlikely to talk to you without a power of attorney. If you find satisfactions of mortgages recorded you can be reasonably certain that the note is paid and the mortgage released, but lenders are not great about recording these so there is always a possibility the note is paid even if there is no satisfaction of record. | |||
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| Needs a check up from the neck up  |
I’m your go to Guy on this. I’m real estate attorney in Florida and have closed over 2000 reverse mortgages in the last 15 years. Send me a email __________________________ The entire reason for the Second Amendment is not for hunting, it’s not for target shooting … it’s there so that you and I can protect our homes and our children and and our families and our lives. And it’s also there as fundamental check on government tyranny. Sen Ted Cruz | |||
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| Member |
Nice to know and very nice to offer help. | |||
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