Long Island, NY Foreclosure Lawyer Arnold M. Bottalico
Contact us at 516-543-1329
  • Home
  • Bio
  • Practice Areas
    • Long Island, NY Foreclosure Defense
    • Real Estate
    • Estate Planning
    • Personal Injury
  • Services
  • Blog
  • Contact Us

Reverse Mortgage Foreclosure

8/18/2017

3 Comments

 
Recently, New York State amended its foreclosure laws to provide mandatory protections for homeowners who have defaulted on a reverse mortgage. Homeowners are now entitled to additional notice protections and to a mandatory foreclosure settlement conference all of which are intended to increase the likelihood of a resolution.  Typically, a default is triggered when the homeowner fails to pay the real estate taxes. Immediately reimbursing the bank for the back real estate taxes can permit the homeowner to reinstate the mortgage and result in the foreclosure case being discontinued. Some homeowners are unable to immediately reimburse the bank and may need to enter into a workout plan to repay the bank over a period of time. If, however, the homeowner does not have sufficient monthly income, he or she may not be granted a repayment plan which would permit the bank to continue with its foreclosure. It is still early to predict how the courts will address loss mitigation options with respect to reverse mortgages, and I will keep you all posted. 
3 Comments
Thomas O
9/4/2017 05:11:51 pm

Hello,

My mother is facing this exact issue right now. The total back taxes owed are 140k! She fell into sever depression and alcoholism after the death of my father and neglected to pay property taxes.

How are we supposed to come up with that kind of money? She only has social security income and hardly any savings. Can you suggest any course of action or resources that can help?

Reply
Arnold M. Bottalico, Esq.
9/14/2017 10:51:26 pm

Please call my office for a free consultation.

Reply
Elite Properties link
3/19/2018 11:06:45 am

Great information. One of my cousin is facing similar real estate issue. This information regarding reverse mortgage foreclosure will be helpful to him. Thanks for sharing.

Reply

Your comment will be posted after it is approved.


Leave a Reply.

    Author

    Arnold M. Bottalico is an experienced Long Island, NY foreclosure attorney with over 25 years of experience, and he welcomes your questions and comments.

    Archives

    January 2023
    May 2022
    January 2022
    December 2021
    March 2020
    October 2019
    September 2019
    August 2019
    May 2019
    September 2018
    February 2018
    January 2018
    December 2017
    August 2017
    July 2017
    April 2017
    February 2017
    January 2017
    October 2016
    September 2016
    August 2016
    June 2016
    March 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    December 2014
    July 2014
    June 2014
    May 2014
    April 2014

    Categories

    All

    RSS Feed

Attorney Advertisement