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All Forum Posts by: Dan Rich

Dan Rich has started 1 posts and replied 2 times.

Buying & Selling Real Estate

Post: Foreclosure with Reverse Mortgage

Dan RichPosted
  • Posts 2
  • Votes 0

Thanks Chris, is it typical for a reverse mortgage to be filed as a home equity loan?

0 Votes
Orlando, Florida
Buying & Selling Real Estate

Post: Foreclosure with Reverse Mortgage

Dan RichPosted
  • Posts 2
  • Votes 0

I was considering to bid on a property that will be up for auction but I am trying to understand what is going on. This is what the clerk of court shows by the defendant (now deceased)
1. Satisfaction of Mortgage (Chase had the property in the foreclosure process) 07/2023
2. Home equity conversion mortgage filed from FINANCE OF AMERICA REVERSE LLC $1.5M 07/2023
2. Owner deceased 03/2024
3. FINANCE OF AMERICA REVERSE LLC files Lis Pendens 08/2024
4. FINANCE OF AMERICA REVERSE LLC wins judgement amount was $400K.  

It appears to me the owner was in foreclosure with Chase but was able to get a 1.5M equity line out with FINANCE OF AMERICA REVERSE LLC. Shortly after the owner dies, the property goes into foreclosure. 

My question - what might be reasons why the judgement amount is so much lower than the mortgage amount? 

0 Votes
Orlando, Florida