Reverse Mortgage, *Please read before considering*!

One more item. Search for "online fax" and find a company you can use to send and receive faxes. This one is $10 a month. Not sure if there are other fees.. Pretty cheap given your situation. MyFax | Send & Receive Faxes Online | Internet Fax Service Do a little research first.

 

I'm not a banker, I never played one on TV, and I did not stay at a Holiday Inn Express last night. With that said..........

Banks have been under-capitalized for many years. Many wouldn't even exist today if it wasn't for the grace of the Feds. Your house is $150,000 on their balance sheet. They can make loans against that. If you give them $60,000, they just lost $90,000. It may not seem like much when you're talking about hundreds of millions in assets but since they hold countless numbers of mortgages, having hundreds or thousands of people trying to do what you're doing is going to create a serious problem for that balance sheet. They are not going to let that go without a fight.

 

They thought they were helping their son, but they were only enabling. You'll never be able to help your BIL, but you can get the house back.

 

So, you're pizzed because you want to pay $65,000 for a $150,000 house, and the big bad bank doesn't want to play along? Granted, Wells Fargo is the scum of the earth and I'm not defending them in the least, but that's how business works, they took a chance and now they want some return on their investment. You knew how reverse mortgages work, you never should have let them get one in the first place. Maybe you should have offered to buy the house.

 

He didn't "let them get one". Read the thread before you jump to conclusions.

 

Dave posted that there is also a six month window to buy the property back in the contract.

They are stonewalling. I'm sure they will pork a bunch of fees on there, plus the additional interest as this drags on as he mentioned earlier.

 

Dave thank you for this post , a real eye opener , sorry for your troubles.

 

Dave you and your wife have been dealt a real Chiity hand , F'N bank a holes and compound that with a F'up family member I feel for you both Bro . It takes courage to put this out here .

 

Don't forget to see if your rights under SCRA apply. That may limit how much they are allowed to gouge you with interest and fees.

 

Yes we do , just thankful that my younger bro finally hit bottom 20 years ago got the help he needed , clean and sober ever since