Share

The Bankruptcy Law Clinic Blog

Thursday, May 19, 2016

Dade and Broward County Reverse Mortgage Problems Solved

Over the past two weeks I’ve gotten at least 6 calls with people about to lose their homes despite not having to pay a mortgage or an association.  How is this possible?  Reverse mortgages gone bad.  You’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.  Sound awesome right? 

However part of the deal is that the owners remain responsible for the insurance and taxes on the property.  Depending on where you live in South Florida that could be anywhere from $1,200 to 6,000 a year.  That can be tough, even if you aren’t making any mortgage payments.  If the owners are unable to do so, the bank must pay for them and then pass the costs onto the owners.  When the owners don’t pay, then the bank will foreclose

Frequently (at least here in South Florida) an adult son or daughter has moved into the house due to divorce, unemployment, etc.  Hey, who doesn’t want mom’s cooking and their old room back?  Often the unofficial arrangement is that the child lives for free with the parents as long as they pay for the insurance and taxes.  However, when they are unable to do so, suddenly everyone is as risk of losing their home.  I

Fortunately, a chapter 13 bankruptcy can help.  It will STOP THE SALE of the property in most cases, and give the owners time to pay back what they owe, interest free over 5 years or 60 months. Suddenly a seemingly insurmountable $12k one-time payment becomes a manageable $200-$250 a month payment.  (You’ll also have to start paying the ongoing insurance and taxes, but we can talk about that when you come in.

Bankruptcy is a fair, just financial tool. It’s in the bible and the constitution.  It’s a hammer to your big, seemingly insurmountable problem.  We’re 6 people, been around for 17 years and our clients really like us.  Let’s meet and discuss your reverse mortgage issues before it’s too late.  John Voss, Miller and Funcia, Bankruptcy Law Clinic 305-663-3281  


Archived Posts

2020
2018
2017
2016
2015
2014
2013


The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice, nor the formation of a lawyer/client relationship. The Bankruptcy Law Clinic has offices in both Miami, and Doral FL and assists clients in the areas of Miami, Doral, Miami Beach, North Miami Beach, Opa Locka, Hallandale, Hialeah and Hollywood Florida and the surrounding areas.



© 2023 The Bankruptcy Law Clinic | Disclaimer/Privacy Statement
9555 N Kendall Dr, Suite 211, Miami, FL 33176
| Phone: 305-663-3281

A Few Thoughts About Bankruptcy | Foreclosure Defense | Spanish-Bankruptcy | Debt Settlement | Chapter 7 Bankruptcy | Chapter 13 Bankruptcy | Attorney Bios | Beat the banks | Choose your problem | 5 ways to save your home | Español | Things to read and watch

FacebookTwitterYouTube

-
-