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Deed in lieu for reverse mortgaged property

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Icon Mini Profile vici3400





Joined: 25 Feb 2010

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Post Posted: Thu Feb 25, 2010 10:05 pm    Post subject: Deed in lieu for reverse mortgaged property
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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?
Icon Mini Profile smithsussane
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Post Posted: Fri Feb 26, 2010 9:42 pm    Post subject:
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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
Icon Mini Profile raymond
raymond
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Post Posted: Sun Feb 28, 2010 12:47 pm    Post subject:
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>>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.

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