If I have a reversable mortgage, will it be affected if I file for bankruptcy?

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If I have a reversable mortgage, will it be affected if I file for bankruptcy?

Asked on April 23, 2015 under Bankruptcy Law, Maryland

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

A reverse mortgage is treated like a regular mortgage in bankruptcy unless it is for more than the value of the house (called a senior lien) and it probably does not. Also determinative is if there is equity and that will determine your rights.  It is a lien and it can not be avoided in bankruptcy.  Speak with your attorney.  Good luck.


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