Saving the Home . . Foreclosures Revisited
A while back I wrote about how reverse mortgages can be used to help and save foreclosures for seniors. Unfortunately, 2008 is looking to continue to represent some of these same challenges for seniors who are going to see their adjustable rate mortgages readjust, and therefore, put them in tremendous financial difficulties. Saving the home from foreclosure is a win/win for all. However, it is very important that those who face a possible foreclosure situation, that they contact their reverse mortgage specialist early. The fees on foreclosures are incredibly high and the accumulation of fees could prevent one from saving their home with a reverse mortgage. Though I hope lenders will see that they work hard at helping seniors in these situations, lenders aren’t often concerned with helping in these situations. The bureaucracy of a large lender often prevents them from acting mercifully in these situations.
My friend John Yedinak, the creator of the Reverse Mortgage Daily, discusses his current attempt to prevent disclosure. Enjoy!
Tags: financial solutions for seniors, foreclosures, reverse mortgage financial, reverse mortgages, seniors
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