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Updated almost 10 years ago,
Reverse Mortgage - Is there a Way to get ahead of the bank
Over the last year or so I have been looking for abandoned properties to wholesale. I've notice that there's a lot of houses that have become empty have had a reverse mortgage on them. The problem is by the time I find out about them the bank has already begun the process of taking over the house. Usually when the mortgage payments stop coming in or the estate files a death notice this would probably trigger the bank to start the process
I would like to know if anyone from the group has a idea how to find these properties before the bank get's a hold of them.
I thought about trying to work with mortgage brokers to find out about their mortgages written 5 -7 years prior. Maybe this would help.
Any Ideas would be appreciated.