2011-03-09mortgagenewsdaily.com

"The Department of Housing and Urban Development was sued this week by the American Association of Retired Persons (AARP) on behalf of three homeowners facing foreclosure on HUD guaranteed reverse mortgages that were issued to their late spouses. The Foundation claims that the surviving spouses are facing "imminent foreclosure and eviction from their homes" because HUD abandoned federal rules and violated protections assigned to those spouses."



Comments:

StephenF at 19:59 2011-03-09 said:
Could this be the beginning of the end for Reverse Mortgages? I seem to remember a poster who uses the emoticons a lot :wink: making mention of this happening...should be interesting to see how this plays out. Permalink
buyerbeware at 21:47 2011-03-09 said:
Could this be the beginning of the end for Reverse Mortgages? I seem to remember a poster who uses the emoticons a lot :wink: making mention of this happening...should be interesting to see how this plays out.
I don't think anyone disagreed with the emoticon artist about the fate of reverse mortgages.

yay for belaboring the obvious? Permalink

achtung at 23:29 2011-03-09 said:
I am sure the emotiqueen would have ROFL'd her way through a lengthy rambling espousal of all her prognostications.

Unfortunately, she would not have read the article. She would not have seen that this action is on behalf of 3 three individuals who were not on the contract of mortgage. HUD is foreclosing because there is no survivorship to reverse mortgage contracts if the original contract was not formed as a joint mortgage.

The three litigants, who reside in Indiana, New York, and Maryland, are all 69 to 79 years of age and of "modest means." For various reasons and in one case what appears to be lender error none were parties to their spouse's mortgage.
While it is a goofy program, the rules are what the rules are.

This should be a prime example to anyone originating HECM mortgages. Do it the right way or you will hurt your borrowers. Permalink

StephenF at 11:56 2011-03-10 said:
Really??? bb, Rommel are you guys really that easy to draw out or are you that starved to take a shot?

I am reminded of the two old men Muppet's sitting in the theater waiting to jump on everything. You guys are consistent if nothing else. Not looking for a debate, just an observation :wink: Permalink

achtung at 12:10 2011-03-10 said:
Really??? bb, Rommel are you guys really that easy to draw out or are you that starved to take a shot?

I am reminded of the two old men Muppet's sitting in the theater waiting to jump on everything. You guys are consistent if nothing else. Not looking for a debate, just an observation :wink:

I respond to the absurd and ridiculousness that ensconces this site.

You seem to fit the bill. Permalink

buyerbeware at 19:45 2011-03-10 said:
Really??? bb, Rommel are you guys really that easy to draw out or are you that starved to take a shot?

I am reminded of the two old men Muppet's sitting in the theater waiting to jump on everything. You guys are consistent if nothing else. Not looking for a debate, just an observation :wink:

:lol: :lol:

The old balcony guys are great!!! I can't speak for Achtung, but I welcome the compliment. And the wink? That was sweet.

As long as we're experiencing a thaw, I'd like to compliment you as well. Congratulations for stimulating DISCUSSION on a DISCUSSION forum. I think you got this thing sussed!!

:wink: Permalink

achtung at 23:17 2011-03-10 said:
They are hilarious!

http://www.youtube.com/watch?v=14njUwJUg1I Permalink

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