homeowner abandonment of reserves mortgage home..

Started by JimR24 • 4 replies • 1009 views

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JimR24
Posts: 397

Posted:

Hi - it appears that one of our homeowners has abandoned a home in which a reverse mortgage was held by the homeowner.

I was wondering if any of your Associations has had any experience with this type of thing before. This is our first experience with a reverse mortgage situation like this and we're a little uncertain about what may be in our future regarding what may happen next. What do you think?

oljim, in texas

TimB4 (Virginia)
Posts: 20,986

Posted:

Try contacting the family and/or do a search to see if the owner has died and the property is in probate.

Typically, if the owner has been moved to a nursing home, it's possible that the family doesn't have a clue that assessments are to be paid to the Association.

JimR24
Posts: 397

Posted:

Quote:

Posted By TimB4 on 11/07/2016 9:12 AM
Try contacting the family and/or do a search to see if the owner has died and the property is in probate.

Typically, if the owner has been moved to a nursing home, it's possible that the family doesn't have a clue that assessments are to be paid to the Association.

Yes we are in contact with the family now and it is being reported that the elderly homeowner can no longer live alone. We are hoping for a good outcome of this - but have not gone through this type of situation before. At this point, we are unsure what the family will do. My guess is that there is nothing we should be doing at this time....other than monitoring it as best we can. What do you think?

oljim, in texas

TimB4 (Virginia)
Posts: 20,986

Posted:

The family has been informed.
The Association can be tolerant of the situation but needs to still follow the procedures for collecting assessments and apply it equally to all properties and members.

NigelB
Posts: 254

Posted:

Quote:

Posted By JimR24 on 11/07/2016 9:04 AM
Hi - it appears that one of our homeowners has abandoned a home in which a reverse mortgage was held by the homeowner.

I was wondering if any of your Associations has had any experience with this type of thing before. This is our first experience with a reverse mortgage situation like this and we're a little uncertain about what may be in our future regarding what may happen next. What do you think?

oljim, in texas

While not exactly the same situation, we have had a couple of instances of foreclosure or short sale where the homeowner was in arrears. We had a lien, however in Texas HOA liens are subordinate to just about everyone else (mortgage holder, County for Property Tax). When the home was eventually sold - we wound up writing it off.

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