---

TOD on property with reverse mortgage

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
linda1paul Joined: 11 Nov 2010 Posts: 1 1.30 Dollars($)	Posted: Thu Nov 11, 2010 8:26 am    Post subject: TOD on property with reverse mortgage Like 0 Dislike 0 Dad passed away and left me TOD on his home with a reverse mortgage. I do not want to keep the home and the prinicipal on the note is more than the home could be sold for. What are my obligations to the reverse mortgage company? Since the house is now "mine", if I do not keep up the insurance, property taxes, etc, will that go against my own credit? The property is located in Missouri.
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Thu Nov 11, 2010 11:26 pm    Post subject: Like 0 Dislike 0 Hi linda, As there is a reverse mortgage on the property, you should contact the lender and ask him to take over the property. He will foreclose the property in order to recover his dues. You won't remain for the property any more. The foreclosure won't have any negative affect on your property. _________________ Procrastination is the enemy of your financial success

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