QUESTION
My mother's home is being foreclosed. She has a reverse mortgage, but no longer lives there.
Asked on May 05th, 2014 on Foreclosures - New York
More details to this question:
The bank offered a deed in lieu, but decided to hire lawyers to foreclose anyway. The house is upside down. Will the foreclosure attorneys try to get my mother to pay the difference between what is owed on the mortgage and the price the bank sells the house for?
1 ANSWER
Look at the language of the mortgage. Most reverse mortgages will not require any additional payments after house is vacated.
Answered on May 20th, 2014 at 3:39 PM
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