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1st Reverse Mortgage

1st Reverse Mortgage

Join us as we talk with Peggy Sage of 1st Reverse Mortgage

Ditech Holding Corporation – Names Stalking Horses as Successful Bidders for Forward and Reverse Mortgage Businesses, Estimated $574mn of $1.8bn Sales Proceeds Available for Distribution to Creditors

July 10, 2019 – Further to the Court's bidding procedures order [Docket No. 456], the Debtors notified the Court that, absent any further qualified bids: (i) a pair of designated stalking horse bidders had been named as successful bidders in respect of the Debtors' Forward Business and Reverse Business segments, respectively, and (ii) an auction scheduled for July 11th had been cancelled [Docket No. 830]. A sale hearing remains scheduled for August 7, 2019.

On June 18, 2019, the Debtors notified the Court that it had (i) designated New Residential Investment Corp. ("New Residential") as the stalking horse bidder in respect of Ditech Financial LLC, the Debtors' forward mortgage servicing and originations business (the "Forward Business") and (ii) designated Mortgage Assets Management, LLC ("Mortgage Assets") as the stalking horse bidder for Reverse Mortgage Solutions, Inc., the Debtors' reverse mortgage business (the "Reverse Business") [Docket Nos. 722 and 724, respectively].

My deceased father has a reverse mortgage - the amount owed is less than the value of the property?

I would like to take out a mortgage to repay reverse mortgage. Do I have to take out mortgage for value property or just what's owed on the reverse mortgage? I'm 1 of 3 heirs and we are to divide the assets equally. But the only asset is the house.

You would need to pay off all liens on the property, before you can transfer it into your names. A mortgage is a lien.

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