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QUESTION:
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Forced sale of property | | I have a reverse mortgage and a judgment against me. Can they force me to sell my property to satisfy the judgment |  | asked by Sanford1g, 8/2/2009 |
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Categories:
Credit Card Debt, Debt, Debt and Mortgages, Asset Protection
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| ANSWERS: | | Answered by: Editorial, 08/07/09
Overall Rating:  Be the first to rate it. | All liens against the property must be paid off when you secure a Reverse Mortgage.
I do not actually know what happens if there is a judgement against someone -- whether the courts can touch the proceeds from your Reverse Mortgage or not.
You may wish to contact your Reverse Mortgage lender. Login to rate this answer: | | Answered by: Bomar1224, 08/08/09
Overall Rating: Be the first to rate it. | From what you say, it is my understanding that the judgment came after
you already had your reverse mortgage. No they cannot force you to sell or
give up your reverse mortgage. What will happen is that when you pass
on or have to give up your home for health reasons, the home will be
sold and all liens must be satisfied before any heirs will get any money. The
only other thing that the people who gave you the judgement can do is
garnish your income. Then they can only take 15% of it each month until
the judgment is satisfied. I am not sure about social security income. I
don't believe they can touch that. If you are getting social security, you
better check with them on that. Although, when it goes in the bank it is
treated like any other income. Login to rate this answer: |
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