Posted on: 07th Aug, 2010 09:03 am
As a life long friend become older we decided to buy a house together, fix it then get a reverse mortgage. He could not sell his condo. The HUD councel approached the bank. The lenders as you know are helping 1 out of 10 people. HUD ask for a short sale, but I understand the banks are charging the loss back to the seller. I am going to put him on the reverse mortgage to keep the surviver throan out of house. Can the bank from his short sale cause us any problems?
Welcome haph,
After a short sale, the lender has the rights to come after your friend to recover the dues. If your friend is unable to pay the dues, then the lender can place a lien on the new property if he is one of the owners of the property.
After a short sale, the lender has the rights to come after your friend to recover the dues. If your friend is unable to pay the dues, then the lender can place a lien on the new property if he is one of the owners of the property.