The Reverse Mortgage (HECM) Inherited

First the the potential to be “bad”. “Probate or Reprobate? Reverse Mortgages- is your inheritance in FORECLOSURE??

Continued from How to Handle an Inherited Reverse Mortgage good or bad on Coloradosbest.tv with Paula Haddock.

The upside of the HECM planning.  The potential pitfalls of the Reverse Mortgages Inherited followed by t

Many people who have inherited a home with an HECM have been happy with the results, but… some have not.  The Maturity Rate aka “Due on Death Clause” can put some unsuspected heirs in foreclosure/trustee/probate, etc. While some people say they could not have cared well enough for their elders in any other way (financially)- others say they are left in the dark-side of  “reverse mortgage foreclosure limbo”.

Statistics show that a majority of our people (meaning us) are more afraid of running out of money than dying *AARP.   In terms of long-term healthcare coupled with an HECM one should also seek a good financial plan/planner and/or an attorney who specializes in Estates, Wills, and Trusts.  In all cases seek an to find a “single-point ” (or points) representative for the real real estate connected with a HECM or Reverse Mortgage.  Early planning for the disposition of  Real Property at the “Origination of the Reverse Mortgage” can help with the high costs of some may inherit in regards to Property Maintenance, Taxes, County Violations and Vacant Property Insurance , etc.  “NO CLOSURE COULD MEAN A FORECLOSURE”.  This pertains only to the Residential Property  of the estate, so other estate planning is essential. Reverse Mortgage and often times these homes have equity- so lengthy disputes could cost valuable time!  A “Personal Representative” can help with the acceleration clauses within the mortgage deed of trust  of the HECM- Oftentimes there will be as a rider connected to the title or deed depending on the State in which the property is located. This is similar to a NED (Demand Notice) in terms of regular foreclosure filings.   A qualified, Legal Advisor, Title Officer, Real Estate Broker or Tax Professional can help obtain these for you. A qualified Mortgage Loan Originator can help explain the terms to you and your “loved ones” as well.

*HECM (Home Equity Conversion Mortgage)

Looking for more information on Reverse Mortgage? Call Susan Oberbillig
Susan M. Oberbillig
President, Paragon Mortgage Services, Inc.
Colorado Mortgage Loan Originator License #: LMB100016681, NMLS ID#50785
California Mortgage Loan Originator License/Registration #: CA-DOC50785
Florida Mortgage Loan Originator License/Registration #: LO2082
Idaho Mortgage Loan Originator License/Registration #: MLO-4775
Utah -DRE Principal Lending Manager License/Registration #: 62176

Susan M. Oberbillig, President, Licensed MLO, NMLS ID#50785
9200 East Panorama Circle
Lobby Suite 170
Greenwood Village, CO 80112-3491
Phone: (303) 727-2407
Fax: (303) 727-2400
E-mail: susan@paragon-loans.com

President

Paragon Mortgage Services Inc

National NMLS ID# 50785

CO Licensed Mortgage Broker:  LMB100016681

9200 East Panorama Circle Suite 170

Greenwood Village, CO  80112

* http://www.hud.gov HUD OMB 2505-0586, 2502-0524

How to Handle an Inherited Reverse Mortgage

Probably not my shining hour- but WKGN/KDVR ran my spot for my birthday 01/27. I was learning Medicaid and Medicare liens on the way to the studio- with Glenn and crew!!  There is a lot to learn when it comes to HECM aka Reverse Mortgages. This is huge topic as of June 2013  re. with Reverse Mortgage Bailout.  HECM/Foreclosure?? No problem… we can help! http://www.kjhomefinder.com

A reverse mortgage is a way for older Americans to use the equity in their homes to make retirement easier, but when you inherit a reverse mortgage it can become a nightmare. Key Concepts can help you navigate the process.

WKGN Colorado’sbest.tv Reverse Mortgage Planning

http://www.kjhomefinder.com/

720-222-4747

GLENN TWIST

About Glenn Twist

Glenn Twist is the property preservation specialist at Key Concepts. Glenn has over 30 years of experience maintaining homes from lawn care to winterizations to FHA qualifications. Glenn is a specialist in almost any realm of repair and is a perfectionist in his work. There is no job he cannot complete. Glenn started property preservation fresh out of school and has taken his trade to a new realm of perfection. He studies new and improved ways to complete all tasks to ensure a property is functioning and fully preserved to the banks expectations. Glenn is a great asset to Key concepts and we are very pleased to have him as part of our team.

 

EQUATOR Financial Information Statement

Financial Information Statement

How many people are in the Household (Including yourself)?

How much do you have in Voluntary Funds?

Income

(Borrower 1) Monthly Income from Employment

(Borrower 1) Frequency of Pay Period
Hourly Daily Weekly Bi-Weekly Monthly Bi-Monthly

(Borrower 1) Monthly Governmental Benefits and Insurance Income

(Borrower 1) Monthly Unemployment Income

(Borrower 2) Monthly Income from Employment

(Borrower 2) Frequency of Pay Period
Hourly Daily Weekly Bi-Weekly Monthly Bi-Monthly

(Borrower 2) Monthly Governmental Benefits and Insurance Income

(Borrower 2) Monthly Unemployment Income

Monthly Rental Income

Monthly Alimony Income

Monthly Child Support Income

Other Monthly Income Description

Other Monthly Income

Total Monthly Income

Expenses Family

Monthly Auto Maintenance

Monthly Food

Monthly Medical/Dental

Monthly Alimony Paid

Monthly Child Support Paid

Monthly Child Care

Monthly Entertainment

Monthly Tuition School Expenses

Other Monthly Family Expenses Description

Other Monthly Family Expenses

Total Monthly Family Expenses

Home

Monthly HOA Dues

Monthly Taxes

Monthly Home Repairs

Other Monthly Home Expenses Description

Other Monthly Home Expenses

Total Monthly Home Expenses

Utilities

Monthly Cable TV

Monthly Electricity

Monthly Natural Gas

Monthly Phone/Internet

Monthly Sewer/Water

Other Monthly Utility Expenses Description

Other Monthly Utility Expenses

Total Monthly Utilities Expenses

Work

Monthly Dry Cleaning

Monthly Parking

Monthly Union Dues

Other Monthly Work Expenses Description

Other Monthly Work Expenses

Total Monthly Work Expenses

Insurance

Monthly Auto Insurance

Monthly Health Insurance

Monthly Life

Other Monthly Insurance Expenses Description

Other Monthly Insurance Expenses

Total Monthly Insurance Expenses

Contributions

Monthly Church/Charity Contributions

Other Monthly Contributions Expenses Description

Other Monthly Contributions Expenses

Total Monthly Contributions Expenses

Debt – Auto

Monthly Auto Payments 1

Monthly Auto Payments 2

Total Monthly Auto Payments

Debt – Credit Card

Monthly Credit Card Payment 1

Monthly Credit Card Payment 2

Monthly Credit Card Payment 3

Monthly Credit Card Payment 4

Total Monthly Credit Card Payment

Debt – Mortgages

1st Lien Monthly Payment Resident

2st Lien Monthly Payment Resident

Monthly Student Loan Payments

Other Monthly Loan 1 Description

Other Monthly Loan 1 Payment

Other Monthly Loan 2 Description

Other Monthly Loan 2 Payment

Total Monthly Mortgage/Loans

Assets

Home

401K Accounts

Automobiles

Checking Account

Savings Account

IRA/Keogh Accounts

Stocks/Bonds

Motor Home/Travel Trailers

Other Recreational Vehicles

Real Estate

Other Asset Description

Other Assets

Asset Total

Summary

Monthly Expenditures

Monthly Total Income

Monthly Unencumbered Income

Monthly Expenditures/ Income

Monthly Debt/ Income

Nation Star short sale process information

We have received your request for assistance. Please find enclosed the following documentsthat
must be completed in full and returned to Nationstar Mortgagein order for us to evaluate your
request. In order to be considered for this program, these documents must be returned as soon as
possible
I. Uniform Borrower Assistance Form (UBAF)
This form incorporatesall necessary information required for us to evaluate you for assistance. The
form must be signed, dated and returned. The sectionsto be completed are:
 Borrower and Co-Borrower Information
 Hardship Affidavit – this section explains the circumstances that have or will make it
difficult for you to stay up-to-date with your mortgage payments. There is no notary
required and you need not be currently delinquent on your loan.
 Income/Expensesfor your household
 Information For Government Monitoring Purposes
II. IRS 4506-T Request for Transcript of Tax Return Form
This form allows Nationstar Mortgage to order a transcript of your most recent tax return for
income verification purposesif you are unable to provide a signed copy of the return. The form
must be signed, dated, and returned.
Send Us the Information We Need to Help You
Requesting help is the first step. Start by providing information and documentation to help us
understand the challenges you are facing. To do this, follow the detailed instructions on the
attached Homeowner Checklist to complete and submit your Borrower Response Package to us.
Once we have received and evaluated your information, we will contact you regarding your options
and next steps.
Please note that during the evaluation period, your mortgageloan will be subject to concurrent
modification and foreclosure processesif your account was previously referred to foreclosure.
However, your property will not be sold at a foreclosuresale if you are offered and accept a
foreclosure prevention alternative or other relief option, or if you are making timely payments
under a Forbearance Agreement or Trial Period Plan.
Learn More and Act Now
For more information, please see the Frequently Asked Questions and other information provided
with this letter. If you need assistance, contact our customersupport team at 866.316.2432
Remember, you must complete and return the entire Borrower Response Package within 30 days.

AGENT GUIDELINES for NATION STAR

Realtor Assistance Desk
 
 
Nationstar’s Realtor Assistance Desk assists realtors with issues they encounter while processing a short sale with
Nationstar. Below, you will learn the appropriate procedure for the Realtor Assistance Desk, as well as determine what
types of issues should be escalated. Nationstar strives to provide the best possible customer experience in a timely and
efficient manner.
 
Short Sale Overview: The Short Sale Specialist assigned will work directly with the listing agent to answer questions and
move the decision or transaction to conclusion. Most issues can be resolved by your assigned short sale specialist, the
realtor assistance desk is for unique situations.
 
First the listing agent has created an account at Equator.com and submitted a property for short sale consideration.
Nationstar will assign a Short Sale Specialist and begin document collection, which includes a property evaluation. Once
all the required documents and Value are back the negotiations will begin. Once the required value is met the loan will
be reviewed for approval.
 
Nationstar asks that you Contact and work with the assigned Short Sale Specialist Directly. If an issue exists after
working with the Assigned Short Sale Specialist the following process will occur:
 
Step 1: Agent completes and emails the provided Escalation form describing the issue to
RealtorAssistance@nationstarmail.com or call 1-888-811-5281

 

Step 2: An Escalation Resolution Specialist will acknowledge receipt of escalation and begin researching the
issue.
Step 3: Once the research is completed the resolution will be communicated.
Please allow 2 business days for a resolution. For time sensitive issue please contact the Short Sale specialist’s
manager.
 
Important note:
Ensuring all listing agent tasks are complete and all requested documents are uploaded into Equator will expedite
processing. Nationstar may only disclose information to parties for whom the borrower has provided written
authorization. Escalations from buyers’ agents will be reviewed, and the resolutions will only be communicated to the
authorized third party.
 
Examples of issues that should be escalated:
 Excessive response times — no response in greater than five or more business days
 Approval letter — concerns not addressed by the Short Sale Specialist within 5 business days
 Settlement statements — not approved within 48 hours of closing
 Unresolved Equator website issues — previously reviewed by Equator, but no resolution
 
Examples of issues that should not be escalated:
 General short sale questions
 General questions about using Equator.com. For these questions, contact Equator directly at (310) 469-9168.
 Attempts to avoid working with your assigned Short Sale Specialist
 Attempts to fast track the Short Sale process
 Status update requests
 
The following issues will be addressed by the assigned Short Sale Specialist or Manager:
 Status updates
 Value disputes
 Approval decision
 Missing documents

 

AGENT GUIDELINES
Please use the following steps to assist you when navigating the Equator program. Contact Equator Agent Support if
any issues arise or if you are new to equator and need navigation/system assistance. Contact information is found on the
Help tab from your home page. Equator also has a live chat feature that you can utilize to resolve most issues in a timely
manner. Our toll free number is 866.312.2432 if you need immediate assistance, account inquiry, and all account
status updates.
 
Equator Task:
o Accept Assignment: Please log on to you equator, accept the short sale assignment and upload the 3rd
 
party authorization form signed and dated by the borrower. This form must include Nationstar
Mortgage as the lender and the date of the form must be within the timeframe Nationstar has been
servicing the loan.
o Documents Required: Once your authorization is accepted you will be required to provide additional
items needed for short sale review. The borrower’s contact, current financial information as well as a
hardship letter is necessary.
From the date the task was complete you’ll need to provide the following: the last two months
paystubs, the last two months bank statements (If they have PMI as their Mortgage Insurance
CO. they will need to provide 6 mos. of bank statements) and the last two years tax returns.
If the borrower has assets (401K, IRA, etc.) you must upload proof of those assets as well. Be
sure to click save and submit now at the bottom of each page to ensure the information was
added successfully.
A hardship affidavit is also required (this will be sent to you in a separate attachment) and you
will need to upload it directly to the library. See instructions on page 2.
*Note- All documents should be uploaded in PDF format and all photos uploaded in JPEG format. The hardship
affidavit/letter and buyer’s finance application should be the only document uploaded directly in the library. When the
documents have exceeded the library’s capacity, there is a minimum of 30 days before the documents can be deleted.
Please be advised that a complete review of all financial documents will be done to determine if a contribution
to the deficiency is required. This review will take place in the ladder part of the short sale process by the
designated negotiator that has been assigned to the case after all documents have been received and reviewed.
 
o Submit Offer: The next step is to submit the detailed offer, the offer documents, and the supporting
documents. You can only submit an offer for one buyer. After entering the necessary information, click
save and submit now. The status of the offer will reflect “Verify Offer”, the status is for our processors
and will remain in that status for several business days. Please be patient while the documents are being
reviewed. Once the review is completed it will be assigned to a negotiator to be worked.
o Marketing: You must complete your task (provide the borrowers contact, financial information and
hardship) even if you currently do not have an offer. Once the marketing plan task is completed the file
will be assigned a negotiator for review. Once the property is in the marketing status, you will have 2
days to upload any missing documentation and complete the marketing plan task or the account will be
made unavailable.
MI Requirements: Unless there is a death of the Borrower/Co-Borrower or either one is transferred out of the
state for their job, MI companies require that the account be delinquent for 30 days before they review for a
short sale. Also, if they have PMI as their Mortgage Company, they will have to provide 6 mos. of bank
statements.
Second Liens: If there is a second lien on the property, it is the realtor’s responsibility to obtain and submit a
payoff statement from the second lien. (This includes tax liens, HOA’s and second mortgages.)
Buyers Funding: Offers from buyers not paying in cash must complete and provide a Finance Application (this
will be sent to you in a separate attachment) along with their Pre-Qualification letter. The buyer is not required
to use our financing but, the form is required to proceed. Buyers paying with cash need to submit recent proof
of funds that are sufficient to cover the sales price.
Foreclosure Sale Dates: Any property with a foreclosure sale date cannot be reviewed for a possible
postponement until the offer is approved. All of the agent’s tasks must be completed within 15 days prior to the

Dora Real Estate Licensee Applications and Instru

http://cdn.colorado.gov/cs/Satellite/DORA-DRE/CBON/DORA/1251627362752

The Equator Process

Overview:
Page Content
1 Initiation
2 Offer Submission
3 Document Collection/Valuations
4 Offer Analysis
5 Closing
6 SS Complete
Banks That Use Equator for Short Sales

Select Lender or Servicer

Lenders and Servicers

• Bank of America
• Wells Fargo
• ASC
• Carrington
• Nationstar Short Sales

By continuing, you agree this Short Sale submission is being done at the request of the Borrower and that the Borrower has requested you be their representation in a possible Short Sale transaction.

NOTE: By completing this submission process, you are requesting a Short Sale. Final determination of whether the property in question qualifies as a Short Sale is at the discretion of the Lender and/or Servicer.

 

Reason For Default

 

Unemployment

Excessive Use Of Credit

Curtailment Of Income

Payment Adjustment

Illness Of Borrower

Illness In Family

Death In Family

Martial Difficulties

Loss Of Renters/Tenants

The Short Sale Guru Course

Release Date 10/31/2013

Kelli, Ann and Miles and Glenn share their expert strategies in this informative guide. They explain the tricks-of-the-trade, the importance of a Single Point of Contact business model, and more…
Together they have mastered almost every short sale combination imaginable. This guide is jam-packed with case studies and relevant data sure to put you in the edge of the competition.

Kelli has been selling short sale and other distressed properties for the last 8 years, you will see that she is truly a master of distressed properties. Learn all of their combined-expert short sale strategies.  In this guide you will learn the “secret sauce HUD formulas”, “the smooth operator” and the “double-down-flip-tricks”… and more.
Email us to pre-order your copy… kjhomefinder@msn.com

$550 for the ebook, Audio and Video eworkbook, form generators, and other downloads.
DeluxE Training Kit with 12 Coaching Coaching Sessions $1299

Welcome to my Colorado Short Sale Blog Site

Short Sale Home

Stop Foreclosure
Need to sell you home but dont have equity? We can help.  Our staff is highly trained in negotiating ‘short sales’ with the mortgage company before it is too late.  

    The longer homeowners wait to prevent foreclosure, the fewer options they have available. Don’t hesitate to call us to discuss your options today.
For more information about short sales in colorado contact Kelli or Nicole at (720) 222-4747 or email kjhomefinder@msn.com

info@Kjhomefinder.com

 

    Phone: 720-309-5355    Website: http://www.kjhomefinder.co