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  • Hi Sandra, I have a page on my website that explains reverse mortgage foreclosures:

    http://gahome.org/cfr/

    • Thank you your site was a big help !

  • There is a ton of difference. I have done about 60 in the past year.  A TON of difference.  The process is different, the paperwork is different, the reasoning behind the differences is significant.

    • Can you specify the difference please? 

      • It is complicated. The best way is to read 24 CFR 206.125.  It is a lot.

        • Thank you for the info. I looked it up and actually found a site explaining it in layman's terms which was still confusing but I think I understand. 

          • What I remember is that no repairs can be done.  I had one where the furnace wouldn't start for the inspection.  The asset manager could not approve a small repair - even paid for by the buyer.  I'm sure that the selling agent had it done anyway.

  • Usually due to appraisal and rules no price reduction or acceptance of anything other that list price for 90 days.
  • In my opinion - nothing.  I used to get them and the only difference was that you had to include some chapter and verse technical language in the offer.  Something like Title 126 blah blah blah. 

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