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I owe more on my mortgage than my condo is worth. Could I still be eligible for a reverse mortgage?

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ejames5068 Joined: 28 Aug 2008 Posts: 2 1.45 Dollars($)	Posted: Thu Aug 28, 2008 11:42 am    Post subject: I owe more on my mortgage than my condo is worth. Could I s I owe more on my condo than what it is worth. Could I be eligible for a reverse mortgage?
laphillips Community Experts Joined: 10 May 2008 Posts: 134 Location: Yucaipa, CA 33.92 Dollars($)	Posted: Thu Aug 28, 2008 1:31 pm    Post subject: I owe more on my mortgage than my condo is worth. Could I st In a word yes. Reverse Mortgages are not concerned with credit scores, debts, etc. so much as the value of the home. Another of the benefits of a reverse mortgage is solving foreclosure situations also. To learn more regarding Reverse Mortgages go to http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm there are links located on this HUD site that can lead you to more information including publications. _________________ Lynnette Phillips Loan Officer/Realtor, Foreclosure Consultant Home Pride Mortgage My Blog: http://activerain.com/helpingufindaway My website: http://lynnettephillips.com **This is not intended as legal advice. I am not an attorney.**
ejames5068 Joined: 28 Aug 2008 Posts: 2 1.45 Dollars($)	Posted: Thu Aug 28, 2008 1:40 pm    Post subject: reverse mortgage thank you for your response. So far I don't have any foreclosure issues.
brian1 Community Experts Joined: 14 Jun 2008 Posts: 360 Location: Northern California 0.53 Dollars($)	Posted: Thu Aug 28, 2008 4:39 pm    Post subject: I think Lynette misread There is no way that you wll qualify for a reverse mortgage if you are upside down in your home. A reverse mortgage makes payments out of the equity on the home. You have no equity you have no reverse mortgage. Your ONLY hope is to negotiate with the lender. Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Need quick advise email or PM Glad to help
laphillips Community Experts Joined: 10 May 2008 Posts: 134 Location: Yucaipa, CA 33.92 Dollars($)	Posted: Fri Aug 29, 2008 12:10 am    Post subject: I owe more on my mortgage than my condo is worth. Could I st Thanks Brian, I did 'misread'...or more likely read it too fast. _________________ Lynnette Phillips Loan Officer/Realtor, Foreclosure Consultant Home Pride Mortgage My Blog: http://activerain.com/helpingufindaway My website: http://lynnettephillips.com **This is not intended as legal advice. I am not an attorney.**

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