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gscojo
Guest
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 Posted: Thu Nov 05, 2009 5:50 am Post subject: reverse mortgage foreclosure |
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My mother recently passed. She had a reverse mortgage which used up all of the equity in the property. If we (the heirs) allow the property to go into foreclosure will this affect our credit rating?
Thanks,
Gary |
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 sonjakracine
Joined: 24 Oct 2007
Posts: 77
15.05 Dollars($)
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| Posted: Thu Nov 05, 2009 7:49 am Post subject: |
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| Your name is not on the mortgage so I don't know how that would affect you, unless there are some sort of estate monies the bank could get. Why not try to sell the property, it's FHA insured you won't be on the hook if it sells less than what is owed is my understanding. I suggest you contact the lender to make a more informed decision. |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 850
Location: Orange County, CA
131.37 Dollars($)
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| Posted: Wed Nov 11, 2009 10:16 am Post subject: |
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>>If we (the heirs) allow the property to go into foreclosure will this affect our credit rating?
No
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Raymond
www.ResponsibleReverseMortgages.com |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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| Posted: Wed Nov 11, 2009 3:37 pm Post subject: |
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i agree that you ought to try to work with the lender, sell the home and take whatever profits (if any) there may be. you won't, as noted, be held liable.
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George M. Akerley
Loan Consultant
860-221-5044 |
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