Wells Fargo Home Mortgage/Reverse Mortgage Servicing Sold my reverse mortgage to Champion Mortgage in Dallas, TX, obtained my reverse in Nov. 2006 Fort Mill, SC 29715-6000 Nationwide

Hello, I have a suggestion to give to this nice lady who truly needs some help!

 Go to your county tax assessors office and ask for a copy of the "ASSIGNMENT OF THE DEED OF TRUST". If you are dealing with Wells Fargo, and they have transfered your account to a new company, chances  are they have already transfered your deed or the interest of ownership to HUD. I know of somebody who is already in the thick of going after them for the same thing after their mother passed away because they sold and transfered the Deed of Trust {assignment of the deed of trust]} to HUD before she died. This is totally illegal and is called Mortgage fraud. Wells Fargo in this case, used Stuart Lending of Texas to transfer her deed of trust. Even a district court has ruled that HUD and all banks must wait until the home owner passes away before they can do anything, even selling it to a servicing company, they must wait! It was a landmark case brought on HUD and the banks from AARP-on behalf of all Seniors  in 2013 and they cannot apply those rules changes, which allowed them to send your account early retroactively to accounts prior to 2011.  You should go check at the tax assessors office now! IF they had transfered anything, head straight to a law office and sue them, as so many other's are already doing.

Even more so, tell your daughter, that even the servicing company cannot talk with her or anybody else over what the surviving family memebers will do with the options provide at the end, if she is the authorized point of contact, until there is a probate number! They can only speak with the authorized point of contact, speaking with anybody else is not legal and they can be sued. Also, if wells fargo transfered early, the servicing company may try to limit your options, this is in violatation to your contract and therefore is breach of contract, so prepare and be ready to sue them if you can't get resolution a head of time. There can be no forclosure process by that servicing company, nor can they put your home up for sale via a HUD Foreclosure Auction Sale without a probate number! If they try, head straight for the police/FBI! Anything other than proper procedures are illegal and are construed as mortgage fraud/real estate theft. If your last will remains unprobated by your executor, home will remain in the Estate of "Your Name" and they can take little to no action until it is probated!

  A bit of extra advice, if anybody else is thinking of taking out a reverse mortgage stop! Turn around, check your will and leave everything to your children in a living trust then run away from a reverse mortgage, Forbes magazine has called reverse mortgages "the biggest consumer fraud on the American consumer...."

I'm shaking my head reading this and it makes me sad.  With all due respect to the person who posted this complaint, you should never have obtained a reverse mortgage without understanding what it exactly is, what happens to your house upon your demise, how a reverse mortgage affects the estate you leave to your heirs, and more financial issues that I won't list here, because if I did, then it might make you far more depressed.  Maybe Wells Fargo talked you into it?  Maybe your child?  Maybe someone else?  Whoever told you to get this, now that's who you should be really mad at and complaining about.

Upon your demise, or your decision to sell the house prior to that point, the proceeds from the sale of the house will go to the bank to pay back all of the funds you received in the reverse mortgage.  The remainder will go to you (if you are still alive), your heirs, or whomever you designated as your beneficiary after your passing.  The little boilerplate you read from Champion's website, is also nothing to worry about.  Champion agreed in buying your paper to continue the reverse mortgage and there's nothing they can do about it until your demise.  I would recommend talking with your child ASAP because if the child doesn't know what you've done, you will be burdening the child with infomation they should have known 10 years ago, and the child should know about it prior to your demise, so they know what to expect should that day arise.

Best of luck to you....

 When the last owner of the house dies, the reverse mortgage MUST be paid off no matter who owns the paper! The property doesn't simply pass to the person in the will without any pay back. Do you understand that? They gave you money in advance based on the equity in the house. That money doesn't just go away. It needs to be paid back or the mortgage company gets the house. It doesn't matter who owns the paper. That money needs to be repaid!!!

Of course the loan documents you SIGNED states that they are not allowed to sell or transfer the loan..right?

But let's forget about that right now. Other than the company name what is going to change? Did they state that the terms of your mortgage are now different?  Are they charging you more interest? More fees? New Requirements that aren't in the original loan documents?

If the loan stayed with Wells Fargo what would have happened when you passed away or moved out of your house? And how is that different than when it is with this company?

What's really funny here is that with all of the negative press WF gets, you are probably one of the few people who actually want to continue using WF.   As if you took a legitimate look at the reviews of BOTH companies, neither are stellar. In fact they are both in the 1 to 1.5 star range depending on the site you are with.