Reverse Mortgage -creative finance/wholesale help!
Weird situation any help is much appreciated.
House is worth 495k. No rehab needed nothing is needed at all. Heres the hard part im having trouble with helping them.
-Taxes are up to date
-They have a reverse mortgage that they did back in 09 .
-The house is currently in pre forclosure being auctioned off in 3 months
The part that sucks is that their mortgage lender that did the reverse mortgage stopped the payments because it exceeded the original loan amount apprasial if that makes sense. So their not able to keep up with the ridiculously high interest monthly payments which has led the bank to go into foreclosure. Is their any thing i can do ???? Any one done creative financing on this situation ?