Home arrow Mortgage Forums arrow Deeds, Property Transfer and Estate Planning arrow

Reverst Mortgage - Quit Claim

Author Message
InDistress

Guest







Post Posted: Fri Sep 30, 2011 7:22 am    Post subject: Reverst Mortgage - Quit Claim
Like 0
Dislike 0

My aunt passed several weeks ago. She had a reverse mortgage and the mortgage company is demanding full payment of the borrowed amount. Her husband is a co-borrower on the loan. However, his name is not on the deed of trust. I have not been able to speak with the family as to whether he signed a quit claim deed. They have been seperated (not legally) for a number of years so this is not his "permanent" place of residence.

Does he have any legal rights to the home as the spouse?

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
In Distress

Guest







Post Posted: Fri Sep 30, 2011 7:32 am    Post subject: Reveerse Mortgage
Like 0
Dislike 0

I neglected to provide state of residence - Texas. Thank you.
Icon Mini Profile raymond
raymond
Community Expert
Community Expert

best lender badge

Joined: 03 Jul 2009

Posts: 1189
Location: Irvine, California
27.86 Dollars($)
Post Posted: Fri Sep 30, 2011 1:52 pm    Post subject:
Like 0
Dislike 0

If he's on the note, he should be on Title too. As long as the home is his primary residence, the Reverse Mortgage is in effect until the property is no longer his primary residence, and the Lender can't call the loan due and payable.

Do you have any of the original loan documents they signed that you can provide me for review? The HUD-1 would be the best document.

_________________
Raymond Denton
www.RaymondDenton.com
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
987.57 Dollars($)
Post Posted: Fri Sep 30, 2011 7:50 pm    Post subject:
Like 0
Dislike 0

Hi Guest,

If the husband's name is not mentioned on the mortgage deed, then he won't have any rights on that property. Moreover, either the reverse mortgage will have to paid in full or refinanced with a normal conventional loan or else, the lender will foreclose the property.

Thanks
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Refinance Quotes
Call for Rates
888-485-7561
Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






Highlights

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool







We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.053 seconds.