Reverse Mortgage Solutions Sale Could Leave Seniors Abandoned

Bank of America Warns Ditech’s Sale of Reverse Mortgage Solutions Could Leave Seniors Abandoned

Ditech Holdings announced last month that it had entered into an agreement to sell Reverse Mortgage Solutions. Ditech is selling the reverse mortgage unit as part of its bankruptcy restructuring. However, Bank of America is objecting to the sale.
Bank of America has a servicing agreement with Reverse Mortgage Solutions. They filed a motion in the bankruptcy court objecting to the deal as it currently stands. They also allege that it threatens to abandon the thousands of elderly borrowers whose reverse mortgages are being serviced by RMS.
Ditech’s current deal has it selling off the stock and assets of RMS to Mortgage Assets Management.
Bank of America claims the sale does not uphold its agreement with RMS. BofA also states their agreement stipulates that RMS provides them with extensive lead time to establish other servicing arrangements of its borrowers.

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