ComplaintsforReverse Mortgage Funding LLC

• Initial Complaint

  01/11/2024

  Complaint Type:

  Delivery Issues

  Status:

  Unanswered

  More info

  I am the executor for a friends estate in ME. Two mortgages are part of the estate; one of them is under a reverse mortgage with Reverse Mortgage Funding LLC. In the original loan paperwork, it states that the reverse mortgage company may begin foreclosure on the property if the company is not notified of the death of the borrower within a month of the date of death. I have tried calling three phone numbers: 1 listed on the loan pprwk, and 2 that are listed on a company website. None of the numbers may be completed as dialed / are working numbers. Yesterday I sent an overnight delivery of a copy of the borrowers death certificate to the posted address in ********** ** and received an exception notice from *** this morning, stating that the receiver has moved. I have, in good faith, tried contacting this company multiple times to notify them within their stated deadline of the borrowers death and do not want them to begin foreclosure because I have not made contact within 30 days. The borrowers date of death was 12/17/23. There is less than a week left to contact this company. I will continue to try to find contact information online, but in the meantime I want to register a complaint so it is clear that I have been trying to comply with the terms of the mortgage.

• Initial Complaint

  03/15/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  On or about 3/1/2022 Reverse Mortgage Funding LLC filed a Trustee Deed with the ************************* Office.The property address listed was ************************************************************************************ The filed document indicated, it was the highest bidder in a Trustee sale. It indicated the purchase price of ********** This filing was on numerous occasions questioned via Letter and Email to R.M.F .The only responses received to date were automated. They all stated that the emails had been received.I now am demanding R.M.F. immediately submit,1. The method of payment in the amount of ********** to the Trustee.2.Proof of such payment.

  Business response

  03/18/2022

  RMF is in receipt of the complaint referenced above.  The customer information provided in the complaint belongs to the borrower.  However, the borrower passed away.  Would you be able to provide the information as to who the complainant is?

• Initial Complaint

  08/05/2021

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Loan #******* Est: ***** **** I have been trying to pay off a reverse mortgage my mother had with Reverse Mortgage Funding LLC in Lansing Michigan for almost a year. I have complied with all their request in a timely matter and everytime I think we're close to closing, they stall. They have continuously stalled/delayed the closing procedure. After filing complaints with several government agencies including ……….. ****, HUD IG, Attorney General's Office, etc, I received a request for a new appraisal. According to HUD standards my appraisal is only 97 days old and has 22 days left valid. There is no reason we can't proceed with a closing before the appraisal expires other than whatever else stall tactics they can fabricate. They refuse to give me a telephone number to Gabriel I whom is my contact. I'm told they communicate via email or fax. 95% of the time my emails go unanswered and if there's a fax there's a telephone number. How would they call 911 if needed?

  Business response

  08/11/2021

  I am writing in response to the complaint you sent to the Office of the ******* Attorney General, the Consumer Financial Protection Bureau (****), the Better Business Bureau and the ******* Office of Financial Regulation regarding the above-referenced account that Reverse Mortgage Funding, LLC (RMF) received on July 21, 2021; July 28, 2021; and August 5, 2021. RMF appreciates the opportunity to respond to your concerns.
  
  On behalf of RMF, I sincerely apologize for the inconvenience or stress you experienced regarding this matter.
  
  We understand your concern with the Short Sale process. Below is an explanation and a timeline of what has occurred on the account. We sent a short sale criteria letter to you on April 22, 2019. This letter states that in order for us to review a short sale application, we would need to receive a copy of the full appraisal report, proposed HUD-1, purchase contract, and names and locations of all parties associated with the closing of this transaction prior to completion of the sale of the property.
  
  On May 9, 2019, we advised you that if you wanted to complete a short sale that 95% of the appraised value,
  $128,250.00 is required to be paid. On May 23, 2019, a request for a payoff quote was received from American Title. On June 2, 2019,a payoff quote was sent.
  
  Another Short Sale Criteria letter was sent on June 4, 2019, at your request. On June 4, 2019, we received a listing and letter of intent stating that you intended to sell the property, but no other short sale documents (HUD- 1, proof of funds, purchase contract, etc.) were received. On August 2, 2019, during a call with a representative you stated that you wanted to complete a deed-in-lieu of foreclosure (DIL). A DIL checklist was sent to you. No further documentation was received.
  
  On January 8, 2021, we received proof of funds and a letter of intent stating you wanted to purchase the property were received. We did a short sale intake to begin the process on February 8, 2021; ordered an appraisal; and sent an acknowledgement letter stating that the letter of intent must be signed by the purchaser and include the loan number and property address, provide proof of funds, and provide proof of heirship. The appraisal report stated that the value of the property was $155,000.00. On May 9, 2021, we received proof of funds a copy of the purchase agreement and the HUD-1 Statement.
  
  On that same day, we sent a letter stating the following corrections needed to be made to the purchase agreement: provide the buyer's articles of organization; change the property address to "**** ***** **** ** ****"; seller's initials are not legible; print buyer's and seller's names next to their signatures; add the verbiage " The estate of ***** ****" next to seller's signature line; print the name of the signer for the estate and their title to the estate; print the name of the corporation on the buyer's signature line; and print the name of the signer for the corporation and their title to the corporation on the buyer's signature line.
  
  We also needed the following corrections to the HUD-1 Statement: change the street address to 4037 State Road 60 ****; add the name of the estate on the section E as well as ***** ***** title to the estate; provide proof of seller's right to sell for ***** ***** (last will and testament); provide parties associated with closing form; and provide updated buyers proof of funds.
  
  The appraisal was reviewed, and the following damage was noted: damage to the flooring and kitchen cabinets, missing appliances, roof damage, and drainage in the front yard. Due to this damage stated in the appraisal report, an insurance claim was filed with the force placed insurance policy that was in effect. On June 30, 2021, we receiveda determination letter advisingthe claim was denied due to the damage being from normal wear and tear.
  
  On July 21, 2021, we received the complaint filed with the ******* Attorney General. On July 28, 2021, we received the complaint filed with the ****. On July 29, 2021. during a call with a borrower care representative, you were informed that the revised purchase agreement and HUD-1 Statement along with an updated buyer’s proof of funds were needed and a new appraisal was required as the one on file has expired. We requested an appraisal on July 30, 2021.
  
  We apologize for the inconvenience you have experienced in regard to this matter.
  
  If you have any additional questions, please contact us at (***) ***-****. We are available Monday through Thursday 8:00 a.m. to 6:00 p.m.,and Friday 8:00 a.m. to 5:00p.m. ****ern time.

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