Reverse Mortgage Default and Delinquency
What should you do if I have a reverse mortgage and I received a notice that I’m “delinquent,” “in default,” or behind on my real estate taxes and insurance coverage in Portland Oregon?
Answer:
Take action immediately. Should you delay, or neglect the notice, you might eventually be forced to leave your house.
Staying up-to-date on your real estate taxes and home insurance is a condition of your reverse mortgage. Should you get in arrears, you will be considered “in default” on the reverse mortgage loan. Default implies that you aren’t meeting guidelines you agreed to when you obtained the mortgage loan. If you don’t take the appropriate steps to “cure,” or fix your default, your loan may get foreclosed on and you can be evicted.
Provided you can find a way to pay your property taxes or insurance policy, get it done right away. Identify where you should send your payment. You might need to submit your payment to your reverse mortgage company or right to the property tax authority or insurance carrier.
Tip:
Call up your reverse mortgage company in Portland OR to find out where you should make a payment. If you have an issue, you are able to send a complaint to the CFPB online or by calling (855) 411-CFPB (2372).
In the event you can’t find the money to pay your property taxes and/or insurance coverage, you really should see a reverse mortgage foreclosure prevention counselor in Portland Oregon. This unique kind of counseling is free of charge. It could help you make the correct choice for you.
Tip:
To find a specialist counselor, get in touch with one of the five national counseling agencies and ask for HECM foreclosure prevention counseling:
CredAbility: (888) 395-2664
Money Management International: (866) 765-3328
National Council on the Aging: (800) 510-0301
National Foundation for Credit Counseling: (866) 363-2227
NeighborWorks America: (888) 990-4326