QUESTION
Can a collection company gain access to a reverse mortgage line of credit?
Asked on Nov 15th, 2020 on Collections - Florida
More details to this question:
Having to return an RV to the lender, upside down by around 20K? Have made the payments for 11 years, had my fun, can no longer afford, money going to kids for the virus problems and others? On SS, my only income, no cash in the bank, use this reverse mort line as needed. Also permanently disabled. Also I financed an RV through the same company for 7 years prior to this one, paid it off when this loan took over.
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
Not generally, though you might find that the lender may sue for a judgment just to hedge the bet in any probate proceedings or to try to locate assets you might have. You might want to talk to a bankruptcy lawyer and see what they suggest also.
Answered on Nov 16th, 2020 at 12:18 PM
All responses are NOT to be considered legal advice nor to be relied upon in any as such nor to establish any form of attorney/client relationship. Opinions expressed are solely informational and not a substitute for proper legal advice provided by a properly retained after thoroughly researching the issues presented.