Dear fellow Seniors: Do you have a Reverse Mortgage? [View all]
About 2 weeks before this pandemic hit, I contacted the first of several Real Estate brokers to initiate the sale of my house. I have had this mortgage for 11 years. Initially the plans were to use the $$ very expensive monies drawn to do some updating of my house and sell it.
Well, things did not go as planned. My husband died a few weeks after the contract was signed.
First it was held by Wells Fargo, then to Financial Freedom and about a year ago the mortgage was sold to a company called Celink.
Since the pandemic hit, the value and interest in my home has gone to heck. There is no market here and I understand why. Not just my house but obviously most houses on the market now.
My house is all I have to leave to my 2 kids.
As the contract stands, there is 1 year to sell the house or they (Celink) will take possession.
Do any of you have any idea if there is any change that allows for extension of this timeline? I called them a week ago and all the lines were BZ. I have not called back.
They call themselves a debt collector on their paperwork. Do you know if there are any government mandates that disallow this clause as we face the thought of no buyers?
Perhaps I am jumping the gun here but I wonder if any of you old timers like me are facing this uncertain situation.
I'd like to hear from you before I try and contact them again.
Stay well friends.
Paper Roses
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