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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?

raymond's picture
raymond | Joined: July 3, 2009 09:38 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Wed, 05/02/2012 - 08:22 | Post subject:

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