Help Save Our Family Home
My Dad purchased our family home in 1955 with his VA loan. The total was $20,000. In 1969 he married my mom and they began to build a family. Their name, Daryl and Mary Stines. He was a 44 year old musician and she was a 22 year old Irish dancer. Me and my brother were born .Our dad worked two jobs so our mom could stay home and raise us. He was a bus driver by day and Musician at night. The most hard working man I have ever known. This is how much he loved his family and his house on Houston Drive. It was paid off once but as the years went by they found it hard to make ends meet. So finally they had to borrow money off of the home.
Fast forward to 2003. Mom was 56 and dad was 78. They were struggling to pay the mortgage but never said a word to us instead they went to the bank to see what they could do to help thier situation. At that time they were told about Reverse Mortgages. A Reverse Mortgage is a special type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments until the borrower passes away. Ok sounds like a good deal but my mom wasn’t old enough. So instead of turning them away the bank(Wells Fargo) told my parents they still qualify but my mom would have to come off the title. Right away my parents didn’t want to do that. But the bank assured them they could come in 90 days and do a quick claim deed to put my mom back on the title. They thought it over and agreed. 90 days later they came back to the Wells Fargo to discuss putting my mom back on the title and was told they were misinformed. Wells Fargo then told them my mom would have to be 62 to be put back on the title. So they waited until she was 62 at this point the Reverse Mortgage was sold to JB Nutter Mortgage Company. They called JB Nutter to discuss putting my mom back on the title and was told they couldn’t do that without calling the loan. They would have to qualify for another Reverse Mortgage which they couldn’t because there was no more equity in the home due to the Reverse Mortgage. My mom inquired what would happen if my dad passed away? They told her she would have to buy the home back for $300,000.00 or walk away. They also advised we can sell the house but a relative couldn’t buy it. In 2012 Dad passed away unfortunately before they could find a resolution to put Mom back on the title. The house was worth at that time $75,000.00. Afraid they would take our house we didn’t alert the mortgage company right away. We consulted a lawyer who at that time told us we can join a class action lawsuit against the banks. This was a nationwide problem with banks misinforming older/younger spouse couples. Surviving spouses not on the reverse mortgage were losing their homes all over. All we wanted to do is keep our house and not have this happen to us. We were told there was nothing really we could do other than walk away from our home since none of us could buy it. So a decision was made out of fear.
Don’t tell them he is gone.
Which brings us to now. JB Nutter discovered my Dad passed away on the 26 Apr , 4 days before the 4th anniversary of my Dads passing. We have since found out a relative can buy the home. Would’ve been useful 4 years ago but ok. We also found out we only have to buy it for 95% of the market value not the $300,000.00 originaly advised. Immediately Brandon and I scramble to see if we can qualify however two things stand in our way the title and money. The title has to first be changed to my mom. No one has the right to sell the house except my Dad right now. So we seek a Probate Lawyer and get a court hearing to get the title changed. In the meantime the house will be sent to the Foreclosure Lawyer on the 10 June. We have until then to start the process of buying our family home back.
We are desperately trying to raise money to help with the closing cost as well as paying down some bills for us to continue to qualify to buy our house quickly. We have received some help from our family but still haven’t raised enough money. My brother and I were raised here, I have raised my kids here. We have to fight with everything we have so my kids can raise their kids here if they want. Thank you for taking the time to listen to our story. Any help you can offer us is completely appreciated!
The Forever grateful,
Stines Family
Fast forward to 2003. Mom was 56 and dad was 78. They were struggling to pay the mortgage but never said a word to us instead they went to the bank to see what they could do to help thier situation. At that time they were told about Reverse Mortgages. A Reverse Mortgage is a special type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments until the borrower passes away. Ok sounds like a good deal but my mom wasn’t old enough. So instead of turning them away the bank(Wells Fargo) told my parents they still qualify but my mom would have to come off the title. Right away my parents didn’t want to do that. But the bank assured them they could come in 90 days and do a quick claim deed to put my mom back on the title. They thought it over and agreed. 90 days later they came back to the Wells Fargo to discuss putting my mom back on the title and was told they were misinformed. Wells Fargo then told them my mom would have to be 62 to be put back on the title. So they waited until she was 62 at this point the Reverse Mortgage was sold to JB Nutter Mortgage Company. They called JB Nutter to discuss putting my mom back on the title and was told they couldn’t do that without calling the loan. They would have to qualify for another Reverse Mortgage which they couldn’t because there was no more equity in the home due to the Reverse Mortgage. My mom inquired what would happen if my dad passed away? They told her she would have to buy the home back for $300,000.00 or walk away. They also advised we can sell the house but a relative couldn’t buy it. In 2012 Dad passed away unfortunately before they could find a resolution to put Mom back on the title. The house was worth at that time $75,000.00. Afraid they would take our house we didn’t alert the mortgage company right away. We consulted a lawyer who at that time told us we can join a class action lawsuit against the banks. This was a nationwide problem with banks misinforming older/younger spouse couples. Surviving spouses not on the reverse mortgage were losing their homes all over. All we wanted to do is keep our house and not have this happen to us. We were told there was nothing really we could do other than walk away from our home since none of us could buy it. So a decision was made out of fear.
Don’t tell them he is gone.
Which brings us to now. JB Nutter discovered my Dad passed away on the 26 Apr , 4 days before the 4th anniversary of my Dads passing. We have since found out a relative can buy the home. Would’ve been useful 4 years ago but ok. We also found out we only have to buy it for 95% of the market value not the $300,000.00 originaly advised. Immediately Brandon and I scramble to see if we can qualify however two things stand in our way the title and money. The title has to first be changed to my mom. No one has the right to sell the house except my Dad right now. So we seek a Probate Lawyer and get a court hearing to get the title changed. In the meantime the house will be sent to the Foreclosure Lawyer on the 10 June. We have until then to start the process of buying our family home back.
We are desperately trying to raise money to help with the closing cost as well as paying down some bills for us to continue to qualify to buy our house quickly. We have received some help from our family but still haven’t raised enough money. My brother and I were raised here, I have raised my kids here. We have to fight with everything we have so my kids can raise their kids here if they want. Thank you for taking the time to listen to our story. Any help you can offer us is completely appreciated!
The Forever grateful,
Stines Family
Organizer
Amy Stines
Organizer
Las Vegas, NV