Re: reverse mortgage foreclosure

Posted by kieran p walsh on November 28, 2008 at 00:45:56:

In Reply to: Re: reverse mortgage foreclosure posted by janet on November 11, 2008 at 14:23:20:

I would contact your local HUD office and speak to them re the bank not communicationg with you.

They can force a sale of the property only if your Dad does not live there anymore. You didn't say where he is. They cannot foreclose for not paying the taxes or insurance, they can pay them both and add it to the mortgage owed. If your Dad has passed away or is out of the home (e.g. in a nursing home) for more than a year they can force a sale - not force a foreclosure - there's a huge difference in the two. Call HUD ASAP, after all they insured the loan and took a pretty penny for it. HUD is very fussy about who they let do reverses. They monitor the whole process very closely.
I do reverse mortgage closings and I understand this well. Good Luck

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