rabbit Posted January 1, 2008 Report Share Posted January 1, 2008 My real question is; will I have to pay off the judgements first?[/U] (I tried to change the title of the thread, but couldn't).I added my DW to my warranty deed. I and I alone have two judgements against me. I live in Florida and the house can't be attacthed by non equity creditors. Here's my question: Will the Reverse Mtg company require the judgements to be paid from the proceeds?I have spoken to RM reps and their position is "give us the application money ($500 approx) and we will see what the loan underwriters say".I was born at night, but not last night. No guarantee, no money. I called the Corporate office, i.e. Bank, and their response was, fill out the app, send in with the fee and we will take a look.It's a fairly straightforward question and I am hoping to get an answer from this board, even if it's not what I want to hear....Thanks, rabbit Link to comment Share on other sites More sharing options...
universityprof Posted January 1, 2008 Report Share Posted January 1, 2008 Hello:I own half of a mortgage firm that does reverse mortgages. I called our senior loan manager and asked him your question. Here was his answer from the Reverse Mortgage guidelines:"Borrowers with judgments can also secure a Reverse Mortgage, but all judgments must be paid at time of closing from the Reverse Mortgage proceeds. (These will be paid from the Reverse Mortgage proceeds and not out of pocket.)"Hope this helps 1 Link to comment Share on other sites More sharing options...
brokeinok Posted January 1, 2008 Report Share Posted January 1, 2008 Hopefully firstsource will post soon and give you some guidance in this without requiring a $500 down payment for advice. Link to comment Share on other sites More sharing options...
rabbit Posted January 2, 2008 Author Report Share Posted January 2, 2008 Thank you for your info. I was hoping that since the judgements are in my name only and the house in in both our names, that i could could get a RM without the judgements coming into play.....thanks again.....rabbit Link to comment Share on other sites More sharing options...
firstsource Posted January 11, 2008 Report Share Posted January 11, 2008 You will find that some lenders will ask for between 350-500 as an application fee. It is not necessary, so I would say to shop around. The only for sure up front that you will have to pay for is the appraisal. Charles Link to comment Share on other sites More sharing options...
rabbit Posted January 11, 2008 Author Report Share Posted January 11, 2008 Florida is a homestead protection state. The judgements are against me alone. I have added my wife to the warranty deed. Will I be able to get a RM without paying off the judgements? Thanks....rabbit Link to comment Share on other sites More sharing options...
firstsource Posted January 11, 2008 Report Share Posted January 11, 2008 If you are not on title and if the judgements do not effect title then you are in good shape. Charles Link to comment Share on other sites More sharing options...
octavia Posted January 11, 2008 Report Share Posted January 11, 2008 Do reverse mortgage lenders require old CO's and collection accounts to be paid out of proceeds of a reverse mortgage loan? Link to comment Share on other sites More sharing options...
firstsource Posted January 11, 2008 Report Share Posted January 11, 2008 Most don't. They just require that open judgments & Tax liens to be paid.Charles Link to comment Share on other sites More sharing options...
octavia Posted January 11, 2008 Report Share Posted January 11, 2008 Thanks for your response! Link to comment Share on other sites More sharing options...
rabbit Posted January 11, 2008 Author Report Share Posted January 11, 2008 If you are not on title and if the judgements do not effect title then you are in good shape. CharlesI am on the title with my dw. The judgements are against me only.. thanks... Link to comment Share on other sites More sharing options...
firstsource Posted January 12, 2008 Report Share Posted January 12, 2008 I would suggest that you take yourself off of title.Charles Link to comment Share on other sites More sharing options...
rabbit Posted January 12, 2008 Author Report Share Posted January 12, 2008 I considerd that, but don't know if i would have a place to live then.. My prob, I know...thanks, rabbit Link to comment Share on other sites More sharing options...
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