Posted on: 14th Jul, 2011 06:10 pm
We have a reverse on our primary home. We currently owe $400k on the reverse. It's value is dropping like a rock and it's building at $2k per month. When we built it, it appraised at $865k. 3,600 sq ft, single level on 1 acre, 4 1/2 car garage and all the stuff. High end for New Mexico. We tried to sell it for $625k, lowered price to $595k but no luck. Social security makes up the main income. $50k a year. We have a second home that has no mortgage. If we walk on New Mexico will we qualify for another reverse on the second home? The reverse is with Bank of America. Nasty SOB's.
Hi Barbboyer!
Welcome to forums!
It will depend upon the lender whether or not you will get a second reverse mortgage on another property. You should contact the local New Mexico lender and speak to them about the reverse mortgage. They will let you know whether or not you can qualify for a reverse mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will depend upon the lender whether or not you will get a second reverse mortgage on another property. You should contact the local New Mexico lender and speak to them about the reverse mortgage. They will let you know whether or not you can qualify for a reverse mortgage.
Feel free to ask if you've further queries.
Sussane
Appreciate your quick response.
You're welcome! :-)
>>If we walk on New Mexico will we qualify for another reverse on the second home?
Yes, 3 years after the foreclosure.
Yes, 3 years after the foreclosure.
