Reverse Mortgage Lien Filed Twice.
Reverse Mortgage Lien Filed Twice. Buyin
I'm planning on bidding on a property with a reverse mortgage foreclosure. It seems like the property owner pass away last year (2024). I have done extensive title search on this property and I'm a bit confused because the property had a reverse mortgage for 170K about 7 years ago and the lien was filed twice, one by the mortgage issuing bank and then right away was also file by H.U.D for the exact amount. Later in 2021 both of these two liens file Sastisfation of Martgage individually. Then that same year a new reverse mortgage was file for 315K, the same thing happened again, first the issuing bank files the mortgage and then couple of day later H.U.D file a mortgage for the same amount, likely giving them a second lien possition. The property is now going to sale with a judgement amount of 209K awarded to Finance Of America Reverse Llc, which is the servicer for the first lien. I'm concern if it is normal for HUD to file a second mortgage on these reverse mortgage transactions? are they like backing up these mortgages (like FredieMac or FHA)? will the HUD mortgage drop automatically? Thank You
I'm pplanning on bidding on a property with a reverse mortgage foreclosure. It seems like the property owner pass away last year (2024). I have done extensive title search on this property and I'm a bit confused because the property had a reverse mortgage for 170K about 7 years ago and the lien was filed twice, one by the mortgage issuing bank and then right away was also file by H.U.D for the exact amount. Later in 2021 both of these two liens file Sastisfation of Martgage individually. Then that same year a new reverse mortgage was file for 315K, the same thing happened again, first the issuing bank files the mortgage and then couple of day later H.U.D file a mortgage for the same amount, likely giving them a second lien possition. The property is now going to sale with a judgement amount of 209K awarded to Finance Of America Reverse Llc, which is the servicer for the first lien. I'm concern if it is normal for HUD to file a second mortgage on these reverse mortgage transactions? are they like backing up these mortgages (like FredieMac or FHA)? will the HUD mortgage drop automatically? Thank You
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Reverse Mortgage Lien Filed Twice. Buyin
I'm pplanning on bidding on a property with a reverse mortgage foreclosure. It seems like the property owner pass away last year (2024). I have done extensive title search on this property and I'm a bit confused because the property had a reverse mortgage for 170K about 7 years ago and the lien was filed twice, one by the mortgage issuing bank and then right away was also file by H.U.D for the exact amount. Later in 2021 both of these two liens file Sastisfation of Martgage individually. Then that same year a new reverse mortgage was file for 315K, the same thing happened again, first the issuing bank files the mortgage and then couple of day later H.U.D file a mortgage for the same amount, likely giving them a second lien possition. The property is now going to sale with a judgement amount of 209K awarded to Finance Of America Reverse Llc, which is the servicer for the first lien. I'm concern if it is normal for HUD to file a second mortgage on these reverse mortgage transactions? are they like backing up these mortgages (like FredieMac or FHA)? will the HUD mortgage drop automatically? Thank You
