Replies to This Discussion

Permalink Reply by sesport on March 1, 2009 at 12:50

Eric - as of 30 - 60 days ago, Twin Cities as agent for CPK told a group of S. Hills l/o, m/o that signed mortgage subordination was required to seal the deal. This included signed subordination for HELOC's, too. If you go to SHGLC blog, you'll see their steering committee's posts regarding this.

http://shglc.blogspot.com/

sesport

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Permalink Reply by Eric S. Clarke on March 2, 2009 at 4:44

JPD Leasing required the same thing of the group that signed leases in my dads groups at United Methodist church back in December 2008. Thier costs varied anywhee from$100.00 to $600.00 and a few of Wells-Fargo clients were refused subordinations. So, there lies the question were those people refused a lease? I will take a look at the blog-spot. Thanks for your help and staying up with us.

Eric

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Permalink Reply by Bobi Carr ("parker") on March 2, 2009 at 4:56

Eric,

With rates as low as they are those fees could go toward closing costs of a new loan.

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Permalink Reply by Renee S Cd1 on March 2, 2009 at 7:54

Eric, Standard Mortgage requires a $500.00 non-refundable fee. They used to be Aulds Horne & White, so they are not some fly-by-night mortgage company. In this next round of leasing, which will be more populated and less rural, subordination will become more of a problem. I think it's important to get the word out, especially to our elderly, who likely don't have an extra $500.00, BEFORE they sign a lease. They are already skimping on food and medicine.

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Permalink Reply by sesport on March 2, 2009 at 13:39

Good to see you, Renee! You're correct, we need to let the neighbors know so they can start checking on thiese issues. And to especially keep up with the elderly, who may or may not have mortgages paid off, but more likely may not be in touch via the internet with websites with pertinent information.

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Permalink Reply by Renee S Cd1 on March 2, 2009 at 17:04

Thanks sesport, I check in once in awhile to make sure you guys are behaving. Some folks say the elderly don't have mortgages, but that was in the past.

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Permalink Reply by sesport on March 2, 2009 at 17:29

Renee - It just occurred to me, speaking of the elderly ... will there be any issues for land/mineral owners that have reverse mortgages?

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Permalink Reply by Renee S Cd1 on March 2, 2009 at 17:39

sesport - I know a lady in the Highland area who has a reverse mortgage - she said they told her she will be able to keep the lease money. As a matter of fact, she recently leased for a small amount to Twin Cities. She said she knew she could wait until the Shreve Centre Coalition came up with a deal down the road, but her health is not good and she felt like in three years she might not be around.

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Permalink Reply by sesport on March 2, 2009 at 18:43

Renee - My question is whether she had to get a mortgage subordination for the reverse mortgage.

Anyway, here's hoping she enjoys/gets benefit from that money, that she now has peace of mind, and prayers that her health improves.

'night - sesport

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Permalink Reply by Renee S Cd1 on March 2, 2009 at 20:40

I'll ask her and let you know.

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