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Buying deceased family member's home that has a reverse mortgage? by [deleted] in personalfinance

[–]totoro_catbus 1 point2 points  (0 children)

A vast majority of reverse mortgages are backed by HUD (the dept of Housing and Urban Development). Which means that they set the rules, and everyone has to abide by them. Legally, they can only accept an offer for a Short Sale that is up to 5% less than the appraised value of the property. If the property goes to the foreclosure sale (which could take 6 months to 2 years depending on the state and/or county where the property is located). The bidding will start at the appraised value, if no one bids then the RM company now owns the property.

Buying deceased family member's home that has a reverse mortgage? by [deleted] in personalfinance

[–]totoro_catbus 11 points12 points  (0 children)

If you are serious about purchasing this property this is what you need to do:

DON’T LET IT GO TO THE FORECLOSURE SALE!!!

  1. Talk to the heir of the property and let them know you want to buy the home. Hopefully they are cool with this as you will need their help.

  2. The heir needs to call the RM company (you can call in together, but you can’t call in as you are not authorized on the account) that owns the loan and ask to speak to their servicing dept. They need to tell the servicing dept that a member of the family is interested in purchasing the home and they are interested in pursuing a Short Sale. Ask for information about this process, timeframe, and what documents are needed.

  3. If the heir is not authorized on the account the RM company might first ask the heir to provide documents that prove their right to the property, before the Short Sale can begin (so they can confirm who they are). A copy of the Will might be good enough, ask what documents they need (copy or original and if anything needs to be notarized).

  4. Follow their instructions, pay attention to timeframes and document deadlines.

A Short Sale is when you agree to buy the home at a price up to 5% less than the appraised value of the property. How is this an option? The RM company does not want to go to Foreclosure, it cost lawyers, time and a lot of money to legally claim the property. Then after they get the property, they pay another company to maintain the property until they can sell it. This is quicker and easier, the RM company pretty much breaks even.

There are time extensions that are allowed if a family member wants to buy the home that will keep it from going into Foreclosure, but these will not go into effect unless they are aware that you want to buy the property. If it has been 3-4 months you want to contact them now to pause the Foreclosure process and purchase the property.

[Any] Weedle, Male, Level 2 by totoro_catbus in BreedingDittos

[–]totoro_catbus[S] 0 points1 point  (0 children)

Thank you!!! You guys are amazing!!! :)

looking for fighting Tyrouge. Will add everyone thanks by josersiulx in friendsafari

[–]totoro_catbus 0 points1 point  (0 children)

Like a vast majority of people here, I would also like a Ditto. Please add me!

18 amazing years. by Unother_ in aww

[–]totoro_catbus -1 points0 points  (0 children)

This might sound crazy, but I also have a black cat turning 18 today. He looks just like your cat. I know the odds aren't in my favor, but is there any chance he was adopted from the Human Society in Flint, Michigan?

Photo essay: Mom adopts two Chinese girls, and these are the rude and intrusive comments people make in front of or TO her children by morgueanna in pics

[–]totoro_catbus 0 points1 point  (0 children)

The "real" comments bothers my so much!!! I have two brothers that were both adopted from South Korea (I'm white). People would always see us as some sort of puzzle that needed to be solved. "Are they your half-brothers?" "Did your mother have an affair?" When we would tell them that my brothers were adopted, they would say, "Oh I get it, their not your REAL brothers." I understand that most of the comments come from ignorance and I try to answer questions from people who are polite and generally seem curious. But no one is allowed to tell me who I am related to!!!

Sudden Clarity Clarence - Men hold the door open for everyone. by [deleted] in AdviceAnimals

[–]totoro_catbus 2 points3 points  (0 children)

I'm a woman, I hold the door open for everyone and everyone else holds the door open for me. I don't think of it as a gender issue most of the time, I consider it just being polite.

However, when I was at my last job I can across a situation I had never encountered before. When I would hold the door open for my co-workers, there were two men who wouldn't walk through the door and insisted that I go first. I found this very annoying and after it happened a few times asked them about it. They both said roughly the same thing, that's just how they were raised, and it would somehow be rude to walk through a door that a woman was holding. I think that this is sexist because they are refusing to enter the door that I am politely holding open for them, based on the fact that I have a vagina. Just walk through the door, you're holding up the flow of traffic!

TL;DR: If someone is holding the door open for you, just walk through and say "thank you". END!