Reverse mortgage in default

[Fernando]

I got this order which I decline. I don't do properties undergoing foreclosure.
This is a reverse mortgage. How can someone default on a reverse mortgage? If not upkeeping the property, that's already a red flag for me.
Has anyone done such an appraisal?

 

[Bobby Bucks]

The borrower died or is alive and stopped paying insurance and/or taxes on the property. Post the engagement letter (redacted address of course). Sometimes there are relatives still living in the property.

 

[Fernando]

The borrower died or is alive and stopped paying insurance and/or taxes on the property. Post the engagement letter (redacted address of course). Sometimes there are relatives still living in the property.

Can't pay the insurance and/or taxes? What wrong with these owners. And if relatives living there, I don't want to get involve with their family squabbles.

 

[Tom D]

Very typically, the owners gave the money to the kids, and didn't realize they had no money to pay the r. e. taxes Like said abive, death of the owner and not enough equity to sell for the estate. FHA tightened up quite a bit from the earlier years of being to loose with the funds given to the hime owners.

 

[Dublin ohio]

Fernando would starve if he had to rely on non GSE lending work

 

[Tom D]

Ferni is a wealthy property owner. But eventually, calif will get him with a wealth tax, after the really rich all have left.

 

[Bobby Bucks]

Ferni is a wealthy property owner. But eventually, calif will get him with a wealth tax, after the really rich all have left.

Fern will be the last wealthy Californian left, the biggest house on the biggest hill…..gophers in the backyard, a Tesla in the driveway and a Newsom sign in his front yard.

 

[Fernando]

Ferni is a wealthy property owner. But eventually, calif will get him with a wealth tax, after the really rich all have left.

Wealth tax would help appraiser work because wealthy will need to do appraisals on their assets.
I'll do my own appraisals.

 

[Surf Cat]

I'll do my own appraisals.

You will, huh? You might want to have a read of those certifications and statements pre-printed the in your appraisal forms....

Something to the nature of the appraiser has no present or prospective interest in the property being appraised, ensuring impartiality and independence.

 

[Fernando]

You will, huh? You might want to have a read of those certifications and statements pre-printed the in your appraisal forms....

Something to the nature of the appraiser has no present or prospective interest in the property being appraised, ensuring impartiality and independence.

Can you sign for me, buddy? I'll pay you an easy nominal fee for my residential properties.