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Updated almost 6 years ago on . Most recent reply

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Brad Warshaw
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Brad Warshaw's profile image
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Brad Warshaw
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Brad Warshaw
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Foreclosures

Buying HOA Lien With Reverse/HUD Mortgage First

Brad Warshaw
Posted

Have my eye on a property at auction with a HOA lien I will be paying off but there is a reverse mortgage first that is with HUD. Has anyone ever tried to negotiate a reduced payoff amount with them? They have not started the foreclosure process yet. Thanks

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Ron S.
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  • from Paradise, California
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Ron S.#3 Foreclosures Contributor
  • Paradise, CA
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Ron S.#3 Foreclosures Contributor
  • Paradise, CA
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Originally posted by @Brad Warshaw:

Have my eye on a property at auction with a HOA lien I will be paying off but there is a reverse mortgage first that is with HUD. Has anyone ever tried to negotiate a reduced payoff amount with them? They have not started the foreclosure process yet. Thanks

Good luck with that. There is no incentive for them to negotiate anything short of a full payoff. Be prepared to pay the balance of the loan and all fees if you want it. 

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