Local Tampa Florida Mortgage Banker Chris Beard discloses how to stop a foreclosure with a reverse mortgage even if you are short on the equity to pay off the loan.
The reverse mortgage consultant will have to determine with whom to discuss the settlement the forward lender or attorney and if the forward lender will work with us to agree upon a settlement payoff or in many instances a “short payoff” if the loan amount is higher than what is available under the reverse mortgage loan.
Typically a reverse mortgage will provide a loan amount of anywhere from 50-80% of the current appraised home value, the reverse mortgage lender also offer more money the older you are. Often times to stop a foreclosure we will have to present a preliminary settlement statement or estimate to pay off the loan to the forward lender to get them to agree to a “short pay”.
“Using a reverse mortgage to stop foreclosure can be complicated the worse thing is to bury your head in the sand and hope it goes away, if you want to keep your home and be in a better financial position with no further mortgage payments quickly contact a reverse mortgage consultant and give them as much detail as you can to start working on a payoff proposal and forward lender acceptance.”
For most seniors a mortgage is the single largest financial investment they will make during their lifetime. Lenders prefer to avoid foreclosure...the process is very costly for them. It may be possible that your mortgage professional will be able to negotiate with the lender to accept a payoff that is less than the loan balance due. The senior keeps their home payment free and the lender removes the non-producing loan off their books.
Chris Beard has a website that will give you an quick quote of how much you might get based on your home value estimate and age.
Tampa, Florida based mortgage expert Chris Beard specializes in providing information to consumers that allows them to make informed decisions about using a reverse mortgage to prevent foreclosure.
Chris Beard is available for interviews and will welcome all your mortgage related questions.
Call Chris Beard at 866.684.7868 for a Free No-Obligation Consultation or visit
http://www.GoLocalReverseMortgage.com for an instant quote or proposal