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  1. #1
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    Sep 2016
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    Default Will Bankruptcy Stop a Foreclosure on a Reverse Mortgage

    If you file for bankruptcy during foreclosure proceedings on a reverse mortgage, will the bankruptcy stop the foreclosure? The homeowner was trying to get a property tax exemption, but the reverse mortgage company kept paying her property taxes, and now they're foreclosing because she hasn't reimbursed them for the taxes.

  2. #2
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    Sep 2005
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    Default Re: Will Bankruptcy Stop a Foreclosure on a Reverse Mortgage

    If she files a Chapter 13 bankruptcy, she will be able to restructure repayment of the taxes over the course of the repayment plan (usually five years) and avoid foreclosure. For a more thorough analysis based upon the facts, and whether she might be able to avoid repaying the taxes that were paid by the lender, she should consult a bankruptcy lawyer.

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