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 Atkins and address his liens. They also went overboard to verify his insurance. All this was done in three days.
James Atkins’ property was due to be sold on June 25; PRC, in association with Generation Mortgage and Lend America, arranged for the reverse mortgage just one day prior the auction.
Ed Sanchez, an employee of Lend America who helped Atkins through the process, is thrilled about his team’s achievement. He said that such an arrangement is possible; but it requires a proficient team to conclude such a task in such a short span.
Tina Meilinger, Senior Vice President of Operations with Premier Reverse Closings, is also very excited. He said that although PRC has set many milestones in the field of reverse mortgages, never before has it done something comparable to the task undertaken by Ed Sanchez and his team. He said that PRC had ‘raised the bar’ and that many such endeavors are there to follow in the near future.
James Atkins is also exalted, as his property was saved from being sold out. He said that he did what he could, but in vain. Nevertheless, PRC and Lend America saved his house and gave him a respectable life.
