Archive for July 2009

Reverse Mortgages for Manufactured Homes in Condominium Projects

According to the recent guidelines of U.S. Department of Housing and Urban Development, Premier Reverse Closings have now made changes in its condominium project guidelines. They have declared that they would take transactions for constructed properties such as manufactured homes in their projects.
In the past years, many reverse mortgage lenders had made requests to Premier [...]

Revese Mortgage Saves a Man from Foreclosure

Premier Reverse Closings, a unit of National Closing Solutions, recently saved a borrower from foreclosure with the help of a reverse mortgage. The corporation helped the borrower to wind up the entire process in a record period of seven days.
PRC first had to clear the title report for James [...]

HUD To Spend More On Counselling Grants

The Department of Housing and Urban Development recently announced that more that $52 million has been ear marked for different housing counseling projects aimed at helping more families to retain and preserve their homes. The total amount is a 23% increase of about 11 million from last year which was just $41 million.
From the $52 [...]

HUD Releases New Condo Approval Process

Mortgagee letter 2009-19 was recently issued by the Department of Housing and Urban Development, HUD on June 12. The mortgage letter implements a new approval process for all condominium mortgages and home equity conversion mortgages insured by FHA. The new amendments are in accord with the 2008 Housing and Economic Recovery Act.
The new approval process [...]

Reverse Mortgage Saves The Home of A 71 Year Old Tennessee Woman

In Alcoa, Tennessee a 71 year old woman was able to save her home from foreclosure and auction with a reverse mortgage loan. The original home mortgage loan was secured from Wells Fargo. The bank had to first write off $30,000 from her original mortgage balance.
According to her mortgage banker John Smaldone, mounted media and [...]