Despite Regulations, Survivors Face Foreclosures After Reverse Mortgage Borrower’s Death Welcome to the Consumerist Archives Thanks for visiting Consumerist.com.
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A judicial foreclosure is available to lenders in every state and begins after the lender files a lawsuit in the court. Once served, the homeowner can respond to the suit.
The successors in interest are entitled to the same protections against foreclosure under federal mortgage servicing laws as the original borrower. Basically, the servicer must treat the successor in interest as a borrower- even if the successor is not listed as a borrower on the mortgage loan account.
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Foreclosure is what happens when a homeowner fails to pay the mortgage. More specifically, it’s a legal process by which the owner forfeits all rights to the property. If the owner can’t pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure.
A homeowner’s death doesn’t necessarily have to affect his mortgage. In many cases, it remains in full force and effect, and the terms remain the same. If no one makes the mortgage payments after.
No Administration. If a creditor forecloses on real property within four years after the death of a deceased debtor, but before an administration of the deceased debtor’s estate is opened, the foreclosure is valid. However, if a dependent administration is opened within four years after the death of the deceased debtor,
The options for the reverse mortgage after death include: Pay the loan balance in full; Walk away from the home (which would result in a foreclosure action by the servicer); Complete a deed in lieu of foreclosure (where the estate signs documents titling the property back to the investor). Heirs (or the estate) may also choose to complete a short sale of the property securing the reverse mortgage.
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