Posted on: 27th Nov, 2013 12:44 am
If there is a reverse mortgage on a property and if the house is losing value and the owner is deceased, then will the homeowners association will be able to take over the property?
Hi Guest,
I don't think the home-owner's association will be able to takeover the property. Rather, the heirs of the deceased person can refinance the mortgage and take over the property.
Thanks,
Jerry
I don't think the home-owner's association will be able to takeover the property. Rather, the heirs of the deceased person can refinance the mortgage and take over the property.
Thanks,
Jerry
Hi Guest!
Welcome to the forums!
I agree with Jerry that the home-owner's association will not be able to take over the property. However, if their dues are not paid off on time, then they can place a lien on the property.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
I agree with Jerry that the home-owner's association will not be able to take over the property. However, if their dues are not paid off on time, then they can place a lien on the property.
Feel free to ask if you've further queries.
Sussane