If I have a reversable mortgage, will it be affected if I file for bankruptcy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I have a reversable mortgage, will it be affected if I file for bankruptcy?
Asked on April 23, 2015 under Bankruptcy Law, Maryland
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
A reverse mortgage is treated like a regular mortgage in bankruptcy unless it is for more than the value of the house (called a senior lien) and it probably does not. Also determinative is if there is equity and that will determine your rights. It is a lien and it can not be avoided in bankruptcy. Speak with your attorney. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.