Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight
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I am very sorry for your situation. Please allow me to answer your questions each in turn.First, How long does the judgement ordered stay in effect? Is it for 10, 20 years or until I die?
order is enforceable for a minimum of (20) years, which means the lien is, too. At the end of 20 years, the lien may be renewed again by the Unit.Second how willing are the Financial Litigation Unit's officials to work with individuals like myself needing to do structural integrity repairs through the Reverse Mortgage.
I am afraid not very willing most of the time. While they may work on payment plans, they are unlikely to take off any amount from the amount originally stated as owed as restitution.Third, I have nothing of value other than my home and my payments are only $100.00. The judgement is for about $1,000,000. How likely are they to initiate foreclosure against my home in the future if ever.
Not likely. While restitution may be enforced, the home itself is still homestead and cannot be taken away in most cases unless directly tied into the money gained illicitly. As such, the home is protected by homestead in most cases.Is there a legal remedy to fighting them over my home and getting the permission to make the loan and do the repairs.
I am afraid that one has few options. Aside from filing for bankruptcy (the Unit may then attempt to become a creditor in the bankruptcy), there is really little to be done to get rid of the lien or the restitution order. I am very sorry....they have been known to foreclose on homesteads by people who have these judgements.
This is true, however, it goes on a case by case basis and relies on how the home was purchased (illegal money?), status of homestead, which kind of bankruptcy is filed, under state or federal law, etc. It does not mean they would be successful in their attempt to foreclose in every case.
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