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    donzzz77's Avatar
    donzzz77 Posts: 15, Reputation: 1
    New Member
    		  
    #1

    Dec 18, 2008, 07:44 AM
    Lien payoff amounts jumped making efverse mortgage un workale.
    I am about to close on a reverse motgage but lien and loan payoffs have come in much higher than anticipated (double or more).
    I now see that interest of 29.85 % is part of one of the jujdgements (since 10/04).
    1. Am I stuck with that or could a lawyer or specialist negotiate away the interest?
    (I am a 78 year old militry retiree on SocialSecurity.)
    2. I also found that there is a baloon payment on another (interrest only) loan.
    3. Should I be looking at bankruptcy as my only alternative? (obviously)
    4. Is a Governmt grants a possibility?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Dec 18, 2008, 08:38 AM
    Hello don:

    If the reverse mortgage will PAY off these loans, then they are VERY negotiable. I'd absolutely hire an attorney to close your loan, and negotiate your debt.

    I don't think there are grants available that will help. Maybe the new administration will provide for some relief, but I certainly wouldn't count on it.

    If you have some equity in your home, I think you can make a deal.

    excon
    donzzz77's Avatar
    donzzz77 Posts: 15, Reputation: 1
    New Member
    		  
    #3

    Dec 18, 2008, 09:06 AM

    Thanks or the feedack.
    I am finding that I may be able to just do a refinance.
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