Fix and Flip Deal- 7500 Greenleaf Road Hyattsville, Maryland 20785 – 97K

Fix and Flip Deal- 7500 Greenleaf Road Hyattsville, Maryland 20785 – 97K

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SHORT SALE CAFE

Conventional Sale-      15-day closing

Property Details:

Palmer Park Subdivision. 7500 Greenleaf Road Hyattsville, Maryland 20785. End Unit semi-detached one level rambler style home. 3 bedroom 1.5 bath separate living room and dining area. Half bath is off kitchen, breakfast bar, off-street parking.   Property needs renovation and priced to sell.

Asking price: 97K

Contact Info for inquiries:

Myrtis Brown    866-337-6820 Extension 1   (email) mbrown@shortsalecafe.com

 

 

 

 

 

 

 

December 7 Full Press Release on CFPB Action Against RMS… Civil Penalty $325,000

December 7 Full Press Release on CFPB Action Against RMS… Civil Penalty $325,000

CFPB Takes Action Against Reverse Mortgage Companies for Deceptive Advertising

WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) took action against three reverse mortgage companies for deceptive advertisements, including claiming that consumers could not lose their homes. The CFPB is ordering American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial to cease deceptive advertising practices, implement systems to ensure they are complying with all laws, and pay penalties.

“These companies tricked consumers into believing they could not lose their homes with a reverse mortgage,” said CFPB Director Richard Cordray. “All mortgage brokers and lenders need to abide by federal advertising disclosure requirements in promoting their products.”

A reverse mortgage is a special type of home loan that allows homeowners who are 62 or older to access the equity they have built up in their homes and defer payment of the loan until they pass away, sell, or move out. The loan proceeds are generally provided to the borrowers as lump-sum payments, monthly payments, or as lines of credit. Homeowners remain responsible for payment of taxes, insurance and home maintenance, among other obligations.

The Mortgage Acts and Practices Advertising Rule prohibits misleading claims in mortgage advertising. In addition, the Dodd-Frank Wall Street Reform and Consumer Protection Act prohibits institutions from engaging in deceptive acts or practices, including with regard to advertising of consumer financial products or services.

American Advisors Group

American Advisors Group, headquartered in Orange, Calif., is licensed in 49 states and the District of Columbia. It is the largest reverse mortgage lender in the United States. The company ran television advertisements almost daily and disseminated its information kit to approximately 1 million consumers. The information kit included a DVD and several brochures with information about reverse mortgage products.

Through its investigation, the CFPB found that since January 2012 American Advisors Group’s advertisements misrepresented that consumers could not lose their home and that they would have the right to stay in their home for the rest of their lives. The company also falsely told potential customers that they would have no monthly payments and that with a reverse mortgage they would be able to pay off all debts. In fact, consumers with a reverse mortgage still have payments and can default and lose their home if they fail to comply with the loan terms. These terms require, among other things, paying property taxes, making homeowner’s insurance payments, and paying for property maintenance. Moreover, a reverse mortgage is a debt and therefore cannot be used to eliminate all of a consumer’s debt.

Under the terms of today’s consent order, the company must make clear and prominent disclosures in its reverse mortgage advertisements and implement a system to ensure it is following all laws. It will also pay a civil penalty of $400,000.

A copy of the American Advisors Group consent order can be found at:http://files.consumerfinance.gov/f/documents/201612_cfpb_AmericanAdvisorsGroup-consentorder.pdf

Reverse Mortgage Solutions

Reverse Mortgage Solutions, headquartered in Houston, Texas, is licensed to conduct business in 48 states. The company marketed its product through various media, including television, radio, print, direct mail, and the Internet.

Through its investigation, the CFPB found that since January 2012 Reverse Mortgage Solutions’ advertisements misrepresented that consumers could not lose their home and that they would have the right to stay in their home for the rest of their lives. The company also falsely told potential customers that they would have no payments with a reverse mortgage and that they would “always retain ownership” and “can’t be forced to leave.” In fact, consumers with a reverse mortgage still have payments and can default and lose their home if they fail to comply with the loan terms. These terms require, among other things, paying property taxes, making homeowner’s insurance payments, and paying for property maintenance.

The CFPB also alleges that the company misrepresented that heirs would inherit the home, without disclosing any conditions of the inheritance. In fact, heirs frequently are not able to keep the home after the death of a consumer with a reverse mortgage. Heirs are only allowed to retain ownership of the home after the consumer’s death if they either repay the reverse mortgage or pay 95 percent of the assessed value of the home.

The company also created a false sense of urgency to buy the reverse mortgage product and misrepresented that time limits constrained the availability of a reverse mortgage. For example, one call script required representatives to tell potential customers that if they didn’t call back by close of business, they would “turn your file down and you will miss out on a tremendous money-saving opportunity.” In fact, it was not a limited time offer. Lastly, the company misrepresented that a reverse mortgage could “eliminate debt.” In fact, a reverse mortgage is a debt and therefore cannot be used to eliminate all of a consumer’s debt.

Under the terms of today’s consent order, the company must make clear and prominent disclosures in its reverse mortgage advertisements and implement a system to ensure it is following all laws. It will also pay a civil penalty of $325,000.

 

Read Consent Order: Reverse Mortgage Solutions

Hire A Real Estate Investment Specialist

Hire A Real Estate Investment Specialist

Rather new to real estate investing or a seasoned investor finding lucrative deals can be frustrating; especially with a market full of short sales. 

FANNIE MAE HOMEPATH FIRST LOOK PROGRAM in reality acquisition process 3-6 months even 1 year. Perfect for 1st time homebuyers, non-profits, and buy/hold investors.

Are you tired of agents and wholesalers placing you on an autopilot email lead program without exclusive service or a personal touch! We work one-on-one from start to finish. Our system allows Investors, Realtors, and Rehabbers to move quickly on fix and flip projects closing more deals in local markets. 

FIND YOUR NEXT DEAL OR FIRST PROJECT AT ESTATE SALES AND MULTIFAMILY , and contact a Real Estate Investment Specialist at 240.339.4138.

 

Myrtis Brown, Real Estate Investment Specialist

Licensed with Taylor Properties

Broker Direct: 800-590-0925

Agent Direct: 301-379-3712

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