Compare Mortgage Quotes

leepi2 · Joined: 03 Feb 2006 Posts: 1 0.09 Dollars($)

As a holder of a Second Deed of Trust, can I foreclose for non-payment against a property with a Reverse Mortgage?

Guest

Hi,
As per my knowledge foreclosure can not be done for non-payment of the loan unless the property is sold.

ckalvesmaki · Posted: Fri Feb 03, 2006 7:13 pm Post subject: Foreclose

Are you prepared to buy out the reverse mortgage? You would have to do that in order to foreclose. You would also have to pay all of the legal fee's etc......so before going down that road you need to make sure there's enough equity in the house to justify the expense. If there is a lot of equity in the house then the person who currently owns may be able to re-do the reverse mortgage.........I would try and work it out first.

raymond · Posted: Fri Nov 06, 2009 4:11 pm Post subject:

>>As a holder of a Second Deed of Trust, can I foreclose for non-payment against a property with a Reverse Mortgage?

You can't have a second behind a Reverse Mortgage, unless the second existed prior to the Reverse Mortgage. If that's the case, you'd have to take the third position, because HUD is in the second position (with the FHA-insured program).

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Forclosure against Reverse Mortgage