Posted on: 23rd Sep, 2010 09:56 am
hi. can a credit card co. put a lien on a reverse mortgage. thanks.
Hi abatees,
A credit card company cannot place a lien on reverse mortgage but it can place a lien on your property. You will have to pay off the lien immediately or you may lose the reverse mortgage. The lender will sell off the property in order to recover his dues. The lien will be satisfied from the excess amount, if any, left from the sale of the property.
Thanks,
Jerry
A credit card company cannot place a lien on reverse mortgage but it can place a lien on your property. You will have to pay off the lien immediately or you may lose the reverse mortgage. The lender will sell off the property in order to recover his dues. The lien will be satisfied from the excess amount, if any, left from the sale of the property.
Thanks,
Jerry