Skip to comments.
A Major Mortgage Company Just Filed For Bankruptcy
Tell Me Best ^
| 12/1/22
Posted on 12/02/2022 9:04:51 AM PST by EBH
click here to read article
Navigation: use the links below to view more comments.
first 1-20, 21-37 next last
1
posted on
12/02/2022 9:04:51 AM PST
by
EBH
To: EBH
In all seriousness. This stuff is really just barely getting started. I’d lash myself to the mainsail mast if I wanted to survive.
2
posted on
12/02/2022 9:07:27 AM PST
by
cuban leaf
(My prediction: Harris is Spiro Agnew. We'll soon see who becomes Gerald Ford, and our next prez.)
To: EBH
If a reverse mortgage company defaults, shouldn’t you get to keep the house? Regardless of what they’ve paid you.
3
posted on
12/02/2022 9:08:42 AM PST
by
DannyTN
To: EBH
Reverse Mortgage?....................what could possibly go wrong?.................
4
posted on
12/02/2022 9:09:43 AM PST
by
Red Badger
(Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
To: cuban leaf
As The Fed takes away Yellen/Powell’s punchbowl, the mortgage dominos continue to fall. Yellen’s legacy was cheap money to protect Obama.
To: EBH
I’m not knowledgeable about mortgage company operations, but wonder if anyone here can answer a basic question. What happens to your existing mortgage in a situation like this? Could this be a way of mortgage companies forcing people with low interest rate mortgages into new loans with higher rates? We bought our home two years ago at a very favorable interest rate of 2.99%. It is a VA backed loan.
6
posted on
12/02/2022 9:11:53 AM PST
by
Avalon Memories
(Liberalism is a philosophy of sniveling brats. -- P.J. O’Rourke)
To: DannyTN
Very good question. Sounds logical to me.
7
posted on
12/02/2022 9:12:24 AM PST
by
Starboard
To: EBH
These types of companies preyed on seniors.
8
posted on
12/02/2022 9:12:53 AM PST
by
dragonblustar
(If you watch porn then you are a pedophile and a supporter of rape. Repent and be saved! )
To: DannyTN
I don’t know how it would work under a reorganization?
The company owns the asset, not the homeowner. So if the BK court orders the homes sold...most likely to another company, it seems to me the homeowner loses.
9
posted on
12/02/2022 9:14:14 AM PST
by
EBH
(Ok Republicans, work like our Republic is the last one on earth.)
To: Avalon Memories
The loans just get sold to another creditor.
10
posted on
12/02/2022 9:15:18 AM PST
by
EBH
(Ok Republicans, work like our Republic is the last one on earth.)
To: dragonblustar
These types of companies preyed on seniors.
**************
Perhaps but for some seniors it may have been a life line.
To: EBH
Tom Selleck and Henry Winkler hit hardest.
12
posted on
12/02/2022 9:17:53 AM PST
by
moovova
("The NEXT election is the most important election of our lifetimes!“ LOL...)
To: Red Badger
... The mortgage company's bankruptcy filing comes almost two weeks after pausing originations. That decision was prompted by the loss of its warehouse funding lines. "On November 21, Reverse Mortgage Funding and its affiliates made the difficult but necessary decision to pause mortgage origination activities," a spokesperson told Reverse Mortgage Daily.
To: dragonblustar
Yeah reverse mortgages always sounded dodgy to me.
14
posted on
12/02/2022 9:22:03 AM PST
by
AbolishCSEU
(Amount of "child" support paid is inversely proportionate to mother's actual parenting of children)
To: null and void; aragorn; EnigmaticAnomaly; kalee; Kale; AZ .44 MAG; Baynative; bgill; bitt; ...
15
posted on
12/02/2022 9:25:38 AM PST
by
bitt
(<img src=' 'width=50%>)
To: EBH
Sold as is? Meaning our mortgage would not change? This is not a reverse mortgage, but the one we got through the VA to buy the house.
16
posted on
12/02/2022 9:30:31 AM PST
by
Avalon Memories
(Liberalism is a philosophy of sniveling brats. -- P.J. O’Rourke)
To: moovova
Tom Selleck and Henry Winkler hit hardest.🤣
17
posted on
12/02/2022 9:39:40 AM PST
by
Jane Long
(What we were told was a “conspiracy theory” in 2020 is now fact. 🙏🏻 Ps 33:12)
To: Avalon Memories
Nothing changes other than the logo on the monthly bill...and you’ll have to set up a new online account with new holder if you do paperless billing. My mortgage (VA loan) was originally Countrywide. They went under then I’ve lost count of how many times it changed.
Eventually I refinanced with my Credit Union for a 2.7% rate. It’s been there ever since.
18
posted on
12/02/2022 9:39:43 AM PST
by
meowmeow
(In Loving Memory of Our Dear Viking Kitty (1987-2006))
To: EBH
From ConsumerFinance.gov "If I take out a reverse mortgage loan, does the lender own my home? No. When you take out a reverse mortgage loan, the title to your home remains with you. Most reverse mortgages are Home Equity Conversion Mortgages (HECMs)."
19
posted on
12/02/2022 9:41:52 AM PST
by
DannyTN
To: EBH
So I think the way this works, is that the Reverse Mortgage company has a lien on the house for the amount that they have paid the homeowner.
But I don’t think they can enforce the lien until the home owner dies or breaks one of the covenants, such as paying property taxes or keeping the home in good repair.
I’m not sure what recourse the homeowner has when the reverse mortgage company stops making payments, except that they can pay off the reverse mortgage company and refinance with another reverse mortgage company to continue drawing equity out of the home.
20
posted on
12/02/2022 9:45:48 AM PST
by
DannyTN
Navigation: use the links below to view more comments.
first 1-20, 21-37 next last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson