Reverse Mortgage Foreclosures Have Serious Flaws
Don’t Lose Your Home! Seniors CAN Fight Reverse Mortgage Foreclosures
Like the conventional mortgage lenders before them, reverse mortgage lenders have people convinced they can’t fight reverse mortgage foreclosures.
Yet, MFI-Miami has again debunked the propaganda of sleaze from the Wall Street oligarchs. Just like we did with foreclosures on conventional mortgages.
MFI-Miami is also the only foreclosure and mortgage experts with the experience to successfully challenge reverse mortgage foreclosures.
Two Most Common Ways Reverse Mortgage Foreclosures Begin
One common way seniors find themselves in foreclosure with a reverse mortgage is if they don’t pay the property taxes. Many times they pay the taxes but the mortgage servicer doesn’t properly apply the payment to the transaction history.
There are also times the mortgage servicer’s payment history doesn’t match the information from the county or local taxing authority.
The other is if only one spouse is listed as the mortgagor and the mortgagor passes. Most seniors are living month-to-month off a pension check. Many seniors did a reverse mortgage in order to live off the equity in their home.
The surviving spouse could find him or herself homeless. FHA has since changed this rule. Yet, many servicers still try to enforce it. Click here for more information about Reverse Mortgages.
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