If your house is confiscated by the federal government for drugs in the home, and you have a reverse mortgage?

Deal Score0

My mother-in-laws two sons living in her home are heroin users, she has applied for a reverse mortgage, if her house is confiscated by the federal government, who pays off this loan to the finance company?

  1. Reply
    April 29, 2011 at 10:31 pm

    I thinkt he government needs to pay off the loan or they will sell it.

  2. Reply
    Joy W
    April 29, 2011 at 10:38 pm

    They auction the house after 30 days. If there is a difference high or low, the govt takes the loss.

  3. Reply
    April 29, 2011 at 11:12 pm

    she does ,, DO NOT co-sign for her loan. the bank will resell her house for what they can get ,she will have to make up the differents in the amount.. if you did co-sign for her ,call the bank before she gets the money and ask to be taken off the loan. you can be made to pay her share of the loan..

  4. Reply
    Mama Pastafarian
    April 29, 2011 at 11:43 pm

    Your mother-in-law will be sued by the mortgage company for the amount of the loan. She’ll be paying it off for the rest of her life even though she no longer has the house.

    Her best bet would be to evict the two drug users. She’ll have to go through the legal eviction process with the courts, but it could save her home.

    Leave a reply

    Register New Account
    Reset Password