Reverse Mortgage Sheriff Sale
I was the successful bidder on a Sheriff Sale for $48K, value around $100K the foreclosing entity is Carrington Mortgage, its a federally insured Reverse mortgage, and they record the originating mortgage, and FHA records a mortgage in the same amount ($160K in this case 150% appraised value) USA was not identified in the proceeding, does anyone know how this plays out, will the FHA instrument stick, or does it get wiped out? I spoke with several foreclosure attorneys, and title companies, and no one seems to know, they assume the title will clear but are not sure. I could forfeit my 10% or roll the dice. any input would help.