Thursday, May 10, 2012

Reverse Mortgage SNAFU

I've been trying to repurchase a house from a bank since my father passed away, and despite my doing everything that they have asked me to do, every step of the way, they seem to be more interested in screwing me over than helping me pay back the reverse mortgage that was taken out on the home. I spent a year working to get them all of the paperwork and everything they said they needed, including taking their advice and having my name placed onto he title for the property. I was told at the time that if my name was on the title, then they could transform the reverse mortgage into a traditional forward mortgage that I could start making payments on. I did as they said, in good faith that they were actually trying to help me pay them back for the house and therefore I could keep my home. Instead when I called them back to let them know that I had done as they asked, QuitClaimed my father's share of the house to myself, they said that they could not do what they had said they could after all and that I was back to square one - HOWEVER this time without the ability to be a first time home buyer and without the ability to short sale the property to myself from my parent's estate. Today someone else from the company now handling the situation said that I can short sale to myself, and she had said that she would call me back today about that, but so far no call. I will see if she calls me tomorrow or not. I'm rather used, at this point, to them saying they will call me and then me waiting for a week, two weeks, several months with no call back as I was promised.

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