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I was given a Reverse Mortgage at 51 yrs.old. Then I was foreclosed on at 53 yrs. old Can I sue the Mortgage Company?

by Jeaniebrown55288 from Lincoln, Maine. Jun 22nd 2016 Reply


Will Zinn (mainewill)
#7 ranked lender in Maine - 17 contributions

The simple answer is 'YES".

Jun 22nd 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,044 contributions

More info needed, but in general, you can sue anyone at anytime.. but whether or not you would win, no one here can answer.. My guess is that you didn't get a reverse mortgage, since you have to be 62 or older to qualify. But if in fact you did get a RM, then you would have had to provided false identification to get it.. and that would be considered loan fraud, and the penalties would be severe.. my guess is that you probably got a "negative amortization mortgage".. This is a loan where the payments you were obligated to make were not sufficient to cover the months interest, so your balance goes up every month. These loans were done quite often, although ill advised for the obvious reasons. But if you decide to sue your lender, then you need to understand that each state has statues of limitations.. so depending on how much time has lapsed since you were foreclosed on, you might not be able to sue now.. I say this because neg am loans have been outlawed since 2009.. and most statue of limitations for civil laws suits end at the 2 year mark. Understand that I'm not an attorney, so you should definitely check with a local real estate attorney in your state to know for sure what options you have available to you.. But this I will tell you for sure.. It will be near impossible to find an attorney to sue anyone on a "contingency".. meaning, you would have to pay them out of your own pocket.. and you would be up against a team of attorney's there to represent the bank.. suing a bank will not be an easy task.. many have tried, and very few have been successful. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jun 22nd 2016
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