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I own a condo unit. My late husband took out a loan of $150,000

on a $300,000 approximate value...
I own a condo unit. My late husband took out a loan of $150,000 on a $300,000 approximate value on the condo which was in his name as president of his business. He had given me the title to the condo but he told me not to record it as the taxes would go way up. I was not aware of his pursuing the loan.

I prsued getting a reverse mortgage on the condo once I had the condo put in my name. I cannot okay off the $150,000 loan, so I felt that if in
Got a reverse mortgage I could pay off the loan and with the rest of the money from the approved loan I would be able to make repairs on the condo.

I was recommended to a broker in February of this year and after going thru all the steps the FHA wouldn't accept the application because the homeowner president refused ti sign the application. The president said if an attorney wrote him a letter saying the FHA was legitimate and my brokers bank was also okay he would sign the FHA application.

My broker has checked with several attorneys and said they all want too much money, $2000 on up.

I'm at my wits end. Can I please get some advice as to how to proceed.

I have lived in my condo for 30 years. I am 68 and would not afford to move. I also am disabled with Parkinson's and diabetes.
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Answered in 49 minutes by:
9/27/2013
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,474
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
Verified

Good Morning in Sunny CA. I'm sorry to hear that you are having such a difficult time obtaining the reverse mortgage. I frankly do not understand why the HOA President has to sign off on your loan application, or why he would ask for a letter from an attorney of the type you describe here. None of that makes sense to me. You asked: I don't know if I am legally obligated to stay with my current broker. I don't Know what are my options to pursue this. You may change mortgage brokers anytime you wish, and I would suggest that you at least consult with another one to obtain a second opinion about what is going on. Good luck. I'll be available if you have follow up questions.

I hope that this information is helpful. If you need further information, please just send me a reply asking for clarification. After that, I hope you will enter a positive rating so that I will be credited for assisting you. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using this service. Your business is appreciated.

 

Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,474
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
Verified
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Irwin Law
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,474
7,474 Satisfied Customers
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.

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