Comments on: HECM Protections Stall On Capitol Hill http://www.bestreversemortgage.com/reverse-mortgage/hecm-protections-stall-on-capitol-hill/ The Unofficial Guide to Reverse Mortgages Sun, 20 Jul 2008 22:05:38 +0000 http://wordpress.org/?v=2.0.5 by: Francella http://www.bestreversemortgage.com/reverse-mortgage/hecm-protections-stall-on-capitol-hill/#comment-3811 Sun, 13 Apr 2008 18:11:23 +0000 http://www.bestreversemortgage.com/reverse-mortgage/hecm-protections-stall-on-capitol-hill/#comment-3811 When will they EVER pass the updates - such as lowered commission to 1.5%, and being able to purchase a place with a reverse mortgage, and upping the reverse mortgage maximum amount to $417,000 - all over the country - instead of this stupid county by county - which should also be a nightmare to administrate? What is taking them so long.....I have three clients looking at foreclosure because they can't get enough money from the RMt to pay off the lender (one person's payment has gone from $1700 to $3300 in 12 months). AND, GET THIS! AMERICA'S SERVICING COMPANY WILL NOT TAKE A SHORT REFI....THEIR CUSTOMERS IN TROUBLE HAVE TO MAKE UP ALL THE MONEY, GET SOME TYPE OF PAYMENT PLAN, SELL AND MOVE, OR DO A SHORT SALE AND HAVE TO MOVE. Where I asked will they move with no money and bad credit? ASC didn't know or care. But if they took a short refi, and let a RM go on the property, suddenly the borrower wouldn't be out of money...and guess what, they could make monthly payments to ASC to pay off the difference between the short refi and what was left unpaid. It doesn't take a brain surgeon to figure it out. Oh...and just try to get a pay plan that doesn't make your mortgage bigger and bigger; and just try to get them to return phone calls? IMHO it's a crappy servicer...but then it also owns a Foreclosure company, so it has no incentive to work with the borrower. Francella When will they EVER pass the updates - such as lowered commission to 1.5%, and being able to purchase a place with a reverse mortgage, and upping the reverse mortgage maximum amount to $417,000 - all over the country - instead of this stupid county by county - which should also be a nightmare to administrate?

What is taking them so long…..I have three clients looking at foreclosure because they can’t get enough money from the RMt to pay off the lender (one person’s payment has gone from $1700 to $3300 in 12 months).

AND, GET THIS! AMERICA’S SERVICING COMPANY WILL NOT TAKE A SHORT REFI….THEIR CUSTOMERS IN TROUBLE HAVE TO MAKE UP ALL THE MONEY, GET SOME TYPE OF PAYMENT PLAN, SELL AND MOVE, OR DO A SHORT SALE AND HAVE TO MOVE.

Where I asked will they move with no money and bad credit?
ASC didn’t know or care.

But if they took a short refi, and let a RM go on the property, suddenly the borrower wouldn’t be out of money…and guess what, they could make monthly payments to ASC to pay off the difference between the short refi and what was left unpaid. It doesn’t take a brain surgeon to figure it out.

Oh…and just try to get a pay plan that doesn’t make your mortgage bigger and bigger; and just try to get them to return phone calls? IMHO it’s a crappy servicer…but then it also owns a Foreclosure company, so it has no incentive to work with the borrower.

Francella

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