Hello Arlo, I have a few questions. 1. Can a bank force maintenance on a home or foreclose if the owner is unable to make major repairs? 2. Will the bank come after the owner for the remaining loan amount if the loan value is higher than the actual sale amount? 3. Will Banks ever take a lower payoff amount for a property that is clearly and significantly worth less than the loan value?
Dan on 11.16.2018
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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLO™. (License: NMLS# 14041) |

