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Deed in lieu for reverse mortgaged property

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vici3400 Joined: 25 Feb 2010 Posts: 1 1.00 Dollars($)	Posted: Thu Feb 25, 2010 10:05 pm    Post subject: Deed in lieu for reverse mortgaged property Like 0 Dislike 0 My mom had a reverse mortgage. When she died, she owed more than what the house can sell for in this market. We are asking for a deed in lieu of foreclosure because we can't afford to buy it, and we won't get a dime if it sells. Is that the way to go? Will it affect our credit if the house was left to us in her will, but the reverse mortgage people really own it?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Fri Feb 26, 2010 9:42 pm    Post subject: Like 0 Dislike 0 Hi vici! Welcome to forums! Though the property has been left to you in your mother's will, the reverse mortgage is in your mother's name. If the lender forecloses your property or goes for a deed in lieu, it won't affect your credit score. Also, the lender will not be able to sue you for the balance amount after the foreclosure auction. Feel free to ask if you've further queries. Sussane
raymond Community Expert Joined: 03 Jul 2009 Posts: 1200 Location: Irvine, California 29.74 Dollars($)	Posted: Sun Feb 28, 2010 12:47 pm    Post subject: Like 0 Dislike 0 >>We are asking for a deed in lieu of foreclosure because we can't afford to buy it Just tell the Lender you're not going to keep the house and they can foreclose on it - you don't need to do anything else. Call the Customer Service Department and let them know - their phone number is on the monthly mortgage statement your Mother received. It won't impact you or your credit in any manner. _________________ Raymond Denton www.RaymondDenton.com

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