Judgement/lein/foreclosure on a Reverse Mortgage

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Post Posted: Fri Jan 07, 2011 4:48 pm    Post subject: Judgement/lein/foreclosure on a Reverse Mortgage
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We have a reverse mortgage with Tenure monthly payments. We had a business failure and defaulted on a SBA loan. We depend on the reverse mortgage payments for basic living. Can the SBA lender get a judgement, place a lien on our home, and foreclose - effectively paying off the reverse mortgage and putting us on the streets. Is there any protection for lifetime income with a reverse mortgage that can not be taken away by another Lender?
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Post Posted: Mon Jan 10, 2011 3:04 am    Post subject:
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The lender can file a lawsuit against you and get a judgment and place a lien on your property in order to recover his dues. In order to recover the dues, he can foreclose the property. If you have any retirement income or social security income, the lender will not be able to garnish it.
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Post Posted: Sun Jan 16, 2011 9:48 am    Post subject:
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A Reverse Mortgage works exactly like a Reverse Mortagage in that scenario. When somebody wins a Judgement against you, they can place a lien on your home, but can't foreclose.
Wardo

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Post Posted: Fri Nov 25, 2011 3:25 pm    Post subject: reverse mortgage bankrup information
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can I file for chapter 7 in the State of Tennessee and keep my reverse mortgage and protect my property?
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Post Posted: Sun Nov 27, 2011 10:04 pm    Post subject:
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Hi Wardo,

You can file Chapter 7 and still save your property. In order to do so, you will have to reaffirm your loan when you are in Chapter 7 bankruptcy filing. This will make you personally liable for the mortgage payments and if you pay the loan on time, you will be able to save the property.

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Icon Mini Profile raymond
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Post Posted: Wed May 02, 2012 8:22 am    Post subject:
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A judgement lien can be placed against your Title, but they can't foreclose.

If you ever file bankruptcy, your Tenure payments will stop, so that's not a good idea. That subject is in the Note you signed.

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