Reverse mortgages are gaining a lot of popularity on a daily basis. This has mainly due to the reason that in most cases, retired home owners are opting to taking a reverse mortgage as opposed to be dependent on relatives. This is an entirely great move especially due to the reason that in most cases it saves relatives the economic and financial burden of having to take care of an elderly person. However, this financial freedom and wellbeing comes at an entirely great cost especially when dealing with fraudulent lenders. This is because of the fact that you can get duped by the lender and end up losing your hard earned investment. It is therefore quite important to ensure that you are aware of the different legal procedures to take when faced with such a situation.
What is a reverse mortgage fraud?
A reverse mortgage fraud basically refers to any criminal activity that can be committed by either the lender or the borrower to his/her own advantage centrally to what is expected. In cases where the lender commits mortgage fraud, it is specifically in situations whereby he/she misrepresents important information or hides it all together from the borrower. As such, the borrower finds him/herself having to battle different inconveniences that crop up at a later stage in life. On the other hand, a reverse mortgage fraud committed by a borrower refers to a situation whereby the borrower may provide wrong information about the home and its equity in order to qualify for a higher loan than he/she is supposed to qualify for. In whichever case, there are different legal battles that arise due to the misrepresentation of information.
Considerations while filing a reverse mortgage fraud case
It is important that when filing for a reverse mortgage fraud lawsuit, you should always ensure that you are an interested party in the lawsuit. This is quite important in that it helps in greatly increasing your chances of winning the lawsuit. It is also important to ensure that you are able to search for the best attorney who will help you to handle the legal matters that arise from the lawsuit. The services of a real estate attorney while filing this lawsuit are quite important in that they help in increasing your chances of winning the lawsuit.
Procedures encountered while filing for a reverse mortgage lawsuit
After expressing your interest to file for a reverse mortgage, you should then obtain a complaint form whereby you are to formally present your lawsuit to a court of law. Most of these lawsuits are determined in common law courts and in specialized courts such as mortgage fraud courts. This is specifically in cases where the federal government of a specific state has put in place mortgage fraud courts.
After officially submitting your lawsuit, you should then wait for the legal process to take its course. There is no specified time limit within which the case should be completed but in most cases, reverse mortgage lawsuits take a little over a month and less than 3 months.