HOA Foreclosure with existing Reverse mortgage (HECM)

[Jonathan B.]

Hi Guys question for thr pros on here,

FL.HOA is foreclosing on a property with existing Reverse mortgage,

The Reverse mortgage was issued 2007 for 300k, property valued at 450k,

i know the mechanism of reverse mortgages is that the balance increases overtime..

Assuming this is the case, there is probably no equity in the property,

am I getting it right with this situation?

assuming a bidder get the HOA foreclosure he will likely end up under water?