---

reverse mortgage deed in lieu

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
ttt Guest	Posted: Fri Aug 14, 2009 9:13 am    Post subject: reverse mortgage deed in lieu Like 0 Dislike 0 My mother has had a reverse mortgage on her condo since 2005. She was put into a private assisted living center for alzheimers in April which put her in default of her reverse mortgage terms. We had a realtor come over and with the market the way it is she advised we do deed in lieu. Her credit is A+ but the only reason she will need credit will be if we need to move her to another center at some point (even though her income from pension and VA benefits will be enough to cover monthly expenses). How much does this affect her credit and how much time do they give us to move all the personal property left in the house.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Aug 14, 2009 11:52 am    Post subject: Like 0 Dislike 0 do you really think her credit will be an issue in the event you need to change assisted living arrangements? i don't know, myself, but i'd like to think that at some point in our lives we won't have to be controlled by this arbitrary system of points on a credit report...developed by someone we don't know in a way we can't understand. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Fri Aug 14, 2009 10:04 pm    Post subject: Like 0 Dislike 0 Hi ttt, I do not think that credit score can be an issue in case your mother has to change her assisted living arrangements. However, a deed in lieu of foreclosure will remain on your mother's credit report for the next 7 years and would lower her credit score by 200-250 points. To know more about how a deed in lieu affects credit score, check out the given page: http://www.mortgagefit.com/deedinlieu/affectcredit.html _________________ Procrastination is the enemy of your financial success
suezett Guest	Posted: Fri Oct 28, 2011 8:07 am    Post subject: deed in lieu Like 0 Dislike 0 Mom passed with rev mort. processed deed inlieu bank stalling and now hud declined deed in lieu and is doing who knows what. they say house in my name from beneficiary deed . Am I now responsible for taxes/hoa/etc?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Oct 31, 2011 12:53 am    Post subject: Like 0 Dislike 0 If the property is in your name, then you will be responsible for the taxes, HOA, property maintenance, etc. However, you won't be liable for paying mortgage if your name is not mentioned on the mortgage docs. _________________ Good is the Enemy of Great.
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Tue Dec 06, 2011 6:16 am    Post subject: Like 0 Dislike 0 >>Am I now responsible for taxes/hoa/etc? Yes. How much is the house worth? And how much is owed on the Reverse Mortgage? _________________ Raymond Denton www.RaymondDenton.com

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0