Linda Kay's Blog

Okay, so most of you know how I am a give-back type of person.  I volunteer for the Red Cross and do many other "give-back" -minded things.  I learned it from my mom who volunteers at her church, the local hospital and runs a monthly group for widows.  She's NEVER home! But I digress...

I recently was asked to take a position at a major bank doing Reverse Mortgages for Seniors.  Now, some of you know that my favorite Real Estate transaction was for a senior couple who simply could not stay in their two-story home any longer.  She had broken a bone in her tail and he was due to have back surgery in about three months.  I not only sold their home but found them a fabulous home to purchase and closed the deal about ten days before his back surgery.  When all was said and done, she actually ended up in a wheel chair - so sad - but the home we ended up with had wheelchair access throughout the entire home!  YEA!  I helped someone who needed it in a desparate way!

So I asked a lot of questions about Reverse Mortgages.  I had a bad first impression of them when I was first introduced a number of years ago.  But now, with newly imposed guidelines, I find that they can be of a great help to those who need it.  And with the increase in Medicare premiums and the increase in co-pays, not to mention the freeze on Social Security Raises, I truly believe that some seniors will definitely need the bit of help a Reverse Mortgage can give.

I actually think my own mom will benefit from a Reverse Mortgage!  After all, it only helps her and she doesn't have to worry about paying it back - I do!

Did you know that in California we have a really bad loophole in the real estate law?  No kidding, you're probably saying to yourself right now.  Which one, you ask?

Well, let me tell you what happened to someone I know personally.  This girl had modified her home previously and was very excited about the results.  Then the unexpected happened - her husband became extremely sick and she was at the hospital day and night for a couple of weeks.

She was able to return to some semblance of normalty and was at home taking care of her husband one day when there was a knock at the door.  It was a buyer asking if he could look at her property before the auction!  Apparently the house had been listed for auction without any notice to her because she was over ten days late on her payment. 

Did you know this is legal in California?  Once you have had your loan modified, the bank can foreclose if you're a tad bit late and not notify you?  They can put your home up for action, still with no notification to you? Yes, apparently it is.

After contacting a real estate attorney and confirming that this was legal, she took steps and I am happy to say saved her home.  But if that buyer hadn't come knocking at the door....

MODIFIER BEWARE!