HEMET, MARYLAND -- I am selling a mobile home in Riverside County, CA listed in Dec. 2011 and had a offer on April 15, 2012. Accepted the offer of which the buyers from Oregon were buying it with a REVERSE MORTGAGE. Escrow opened on April 15, 2012 with an escrow company specified one mile from the home. Well after several days the lender iReverse Home Loans, a subsidiary of Hopkins Federal Savings Bank, in bum ** Egypt said no the specified escrow company. Buyers/seller had to go with iReverse Home Loans' own escrow company in Northern CA.
The buyers were obtaining a FHA/HUD loan, and we all know how we get screwed when the government gets involved. One of their requirements to sell a mobile now is it has to be on a permanent foundation. Only a couple of firms in the hmet area are licensed to do this, again the public is screwed because there is a monopoly with only 2 companies bidding to do the work.
I had to pay $3500.00 for a little bit of concrete to be poured under the mobile. Permits had to be purchased/ obtained from the city of Hemet to ensure that everything met the government's 384-page guidelines for same, also for the inspectors to sign the work off. What does this do to the mobile home??? It now becomes a permanent structure (home) thus raising the yearly taxes from $290.00 to over $6/700.00. Another GOVERNMENT PLOY, BOTH LOCAL & FEDERAL TO GET MORE TAXES FROM THE PEOPLE.
Escrow was to have closed on July 15th, 2012 and with the buyers moving from Oregon on July 9th, asked if they could rent back starting on July 15th for a few days in case escrow did not close on then. I agreed to this. Well the lender's local idiot handling the transaction learned that I was going to collect a couple days rent from the buyers. She now says the lender requires a copy of the rental agreement. I told her to go to hell as it is not their business that I was renting to the buyers.
Well, because of her supposedly power, she is delaying the close of escrow, stating that a new contract is required because the old one has expired. She needs a copy of the rental agreement, and it will take 2/3 weeks to have their own inspector go to the home and look/approve of the work, that had been done, inspected/signed off by a city inspector. She has the signed off inspection/permit from the city of Hemet, but needs to have 2/3 weeks to send her own inspector to check??? Double work and job security for someone. I told her this is **!!!
It is no secret how people in America have gotten screwed by the banks losing their homes to foreclosure. Now lenders are promoting Reverse Mortgages to us and senior citizens are being enticed to do this with their homes. All I can say is "DO NOT SELL YOUR HOME TO A BUYER USING A FHA/HUD REVERSE LOAN BECAUSE YOU WILL GET SCREWED, SCREWED, SCREWED!!! And if you do accept an offer where the buyers are using iReverse Home Loans, well let's just say "DON'T DO IT"!!!
Update: I am updating an earlier post about this firm. Sorry that it is so long, but if we, the people do not voice how we are being ripped off by others in today's world, how are we to know what to do? This applies to the individual here, who is of the now generation and are only interested in self-promoting themselves at the expense of others!!!
This company is a subsidiary of Hopkins Federal Bank in Maryland and have people working from their homes across America on Reverse Home Loans. I have posted earlier about my experience with their San Clemente location and this is an update.
Google "iReverse Home Loans San Clemente, CA", you then will be taken to a Yelp website with the person's name which we cannot post here on My3cents. There is a self-written post about all the things this person can and has done. Personally, I would take 99% of it as BS and it is just a self-promotion that the young people have about themselves today. They really do not care about others, just their own well-being, doing so at others' expense.
As my other post relates to selling a mobile home in Hemet, CA and this individual is handling the grunt work for the lender, for which I assume is Hopkins Bank. The seniors purchasing the property are securing a Reverse Mortgage and escrow was to have closed on July 15, 2012.
Well this person, because of their stupidity on how to actually do their job, despite what they say on their Yelp web post, has delayed the closing and wants the buyers and I to agree to an august 15th closing now. With the buyers driving from Oregon to Hemet along with their personal belongings arriving July 15th, they asked if they could rent back starting July 16th as we although that escrow would be closing within a few days.
Well unfortunately the person at iReverse Home Loans learned that I was going to rent back to the buyers and was now demanding a copy of the rental agreement. I told her it it was none of her business that I was renting back. Well this apparently p*ssed her off and she is now doing what she can to drag the closing out until August 15th.
The bottom line is that the actual lender did not require a copy of the rental agreement, so again this person is doing what she can to delay the closing of escrow. Her mode of operation now is the mobile home had to have a permanent foundation installed, which was done, inspected by the city of Hemet, signed off July 18th, meaning that the foundation met FHA/HUD specifications and the documents in her hands July 20th.
Monday, July 23rd she tells everyone that it will take her 2/3 weeks to have her inspector go and check the work for which the city had all ready done, had approved and signed off on. Another of her stall tactics to get back at me. With her demanding UN-necessary items, the original escrow close date passed and thus her wanting an extension for 3 weeks.
She does not know that I am aware her inspector was going to do his thing today, July 26th, and he with all the modern technology of emailing/faxing documents, can have that in her hands within hours, and she in turn could send to the lender for approval and have escrow closed and fund the sale in a day or two.
No, she being self servant thinks she is punishing me, but with my knowledge of real estate transactions and persistence, have been able to over ride her demands with the lender agreeing to what I have said. The only exception being, she has delayed the closing of escrow and down the road, I will be taking her to court for derelict of duty fulfilling the contract/escrow details.
iReverse Home Loans, LLC is proud of our outstanding reputation as an organization of honest, ethical, knowledgeable reverse mortgage professionals. We have closed thousands of reverse mortgage transactions and have books filled with wonderful testimonials.
Unfortunately, the claims made in these two posts are not from our client. This individual was the seller. Our client (the buyer) was very pleased with our services, even going so far as to send a house plant to our loan officer as a thank you.
The individual who wrote this was abusive to our loan officer, the escrow officer, and even his own agents. He was selling this property with his brother from their mother's estate…but since he was estranged from his own brother, we had to carry out the entire transaction without him talking to his brother.
Next, I will address the numerous points raised by the seller-
iReverse Home Loans is a subsidiary of Hopkins Federal Savings Bank. We are not located in “bum F@#K EGYPT”. Our headquarters is in Maryland and we have offices nationwide.
We did not reject any specified escrow company…nor do we have our “own escrow company in Northern Ca.” iReverse Home Loans has no ownership or affiliation (direct or indirect) with any other company (except that are parent company is a bank).
“She now says the lender requires a copy of the rental agreement. I told her to go to HELL as it is not their business that I was renting to the buyers.” FHA guidelines require a copy of the rental agreement. This has nothing to do with iReverse Home Loans.
Again, this individual does not understand FHA guidelines. We can't take someone's word that they poured concrete on the foundation…we need to have an inspector come out to confirm it meets FHA guidelines. The city inspector only inspects to see if it meets city guidelines.
We have copies of 483 emails relating to this file. Unfortunately, this could have been a somewhat routine transaction however due to the personality of a very difficult seller, it caused more work then necessary.
Once again, iReverse Home Loans is dedicated to awesome service and being “America's most trusted Reverse Mortgage Professionals”. If I personally can be of any assistance, feel free to contact me directly at 800-486-8786 Ext. 701.
Kenneth J. Klawans
iReverse Home Loans, LLC