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 leepi2
Joined: 03 Feb 2006
Posts: 0
0.09 Dollars($)
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 Posted: Fri Feb 03, 2006 12:25 pm Post subject: Forclosure against Reverse Mortgage |
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| As a holder of a Second Deed of Trust, can I foreclose for non-payment against a property with a Reverse Mortgage? |
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morris
Guest
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| Posted: Fri Feb 03, 2006 2:03 pm Post subject: RE: |
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Hi,
As per my knowledge foreclosure can not be done for non-payment of the loan unless the property is sold. |
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ckalvesmaki
Community Experts
Joined: 28 Jan 2006
Posts: 378
Location: Dallas
56.65 Dollars($)
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| Posted: Fri Feb 03, 2006 7:13 pm Post subject: Foreclose |
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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.
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Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
888-383-9019
emails and PMs gladly answered
www.freedommortgagetexas.com
Freedom Mortgage
I live in TX but cover all 50 states |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Fri Nov 06, 2009 4:11 pm Post subject: |
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>>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).
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Raymond
www.ReverseMortgageCalculator.org |
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