Reverse mortgage problem
Posted: Tue Dec 30, 2008 5:44 pm
I am in the Trusts & Estates List serve and the following problem has
come up. I know that some of you are very knowledgeable about
modifying mortgages or negotiating a lower pay off. Any thoughts? I
know that there are some lawsuits against Financial Freedom, but the
trustor here is deceased.
Margaret Norman
client is executor of Mother's estate. Mom obtained a shared
appreciation Reverse Mortgage with Financial Freedom in April of 1997
secured by residence, principal of $113,435.00. Mom died 2/15/2008.
Lender is demanding a payoff amount of $522,283.96 of which
$406,520.26 is interest calculated at a rate of 13.85% compounded
annually. The current appraisal for the residence is $720,000.00. Does
anyone have input as to options re reduction of the payoff amount.
Below is the attorney who posted the question;
Dale A. Arens, Esq.
Law Offices of Norman Y. Blaz
16633 Ventura Blvd., Ste. 902
Encino, California 91436
(818) 783-2800 tel (818) 783-2722 fax
lawblaz@yahoo.com
Margaret Norman, Attorney
111 N. Sepulveda Blvd. #355
Manhattan Beach, Ca. 90266
310-376-7873
Fax-310-798-9846
WWW:Margeslaw.com
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