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Updated over 10 years ago on . Most recent reply

User Stats

44
Posts
3
Votes
Karl Smith
  • Wholesaler
  • Chicago, IL
3
Votes |
44
Posts

Reverse Mortgage - Is there a Way to get ahead of the bank

Karl Smith
  • Wholesaler
  • Chicago, IL
Posted

Over the last year or so I have been looking for abandoned properties to wholesale.  I've notice that there's a lot of houses that have become empty have had a reverse mortgage on them. The problem is by the time I find out about them the bank has already begun the process of taking over the house. Usually when the mortgage payments stop coming in or the estate files a death notice this would probably trigger the bank to start the process

I would like to know if anyone from the group has a idea how to find these properties before the bank get's a hold of them.

I thought about trying to work with mortgage brokers to find out about their mortgages written 5 -7 years prior. Maybe this would help. 

Any Ideas would be appreciated.

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