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Updated 3 months ago,
HOA Foreclosure with reverse Mortgage
Hi Guys,
in FL,
HOA is foreclosing on a house in a week - Lien of 25k.
the property also has a 1st position loan (Reverse mortgage) that also just started proceedings with no set date or "Final Judgement" numbers yet.
On the details of the 1st reverse mortgage foreclosure, its only mentioned that there is 320k principal balance due.
The original note of the 1st was issued 2009, with a total sum of 650k, payble up to 2081 (!!).
the house has a bunch of equity, being worth about 750k when fixed up.
I know that on a standard convenetional mortagage foreclosure, there usually additional fees such as unpaid interest, attorney fees etc, apart of the princiapl balance.
Is there a way to conservatively assess what will be the actuall "Pay-off" on the 1st?
am i missing something else with the "Real" pay-off given its a reverse mortgage?
thanks