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reverse mortage

Posted on: 10th Aug, 2009 04:55 am
my mother had a reverse mortage on our home we live in .I have been takeing care of her since 2000.She was under the impression that when she died the house would be left to me..My sister died two years ago,my dad died 15 years ago,my mom died feb.25 2009.Iam the only left ,before my died she always said to take care of the family home,she was 86 when she got the R.M.and 87 when she was laid to rest.I was her caregiver when she went to the RM office the agant tom told her that the heirs would be left the house,which is but he did not tell her that i would have to pay the full ballance of the loan.I also have on record that her understanding of some things was not the way things were ,but you could not tell her that she dosnt understand an her memory was at a lost.Well anyway when she died the RM became due.The RM companey sent me a letter asking me what was my plans.I sentthe letter saying i wanted to keep the house,and i would like for u to have an appraiselon the house because it is not worth what the loan is the RM is 277.000.00 the appraised amount was 60.000.00.Itold them that iwould like to buy the house for that amount they told that i could not buy it for that amount because i was exceuitor of the estate all she had was the house .But the exceitour of the estate was responible for full amount of the loan even though the houseis only 60.000. What can i do to keep the house.Theyit going to fourcloser can someone please help me.[color=DarkBlue:1f68bdd06b][/color:1f68bdd06b][size=12:1f68bdd06b][/size:1f68bdd06b]
wendell have you consulted with an attorney? you don't state that, so my presumption is that you have not. regardless of your financial situation, it is my opinion that you need to sit down with an attorney and go through this situation. you may not be able to follow up with that particular attorney due to costs or for any other reason, but an initial consult ought to be available to you at no cost.

we the "experts" on this forum are not likely to be able to solve your specific issue, and i'm afraid that there will be enough misinformation given to you so as to confuse you even more.

get legal advice and do not fail to be in contact with the lender to see if there's something that can be worked out to your mutual satisfaction.
Posted on: 10th Aug, 2009 08:35 am
yes I am agree with George.
Consult with lender that will definately provide better solution.
Discuss with lender about your perception ask him for your specific condition.

Bye mutual understanding you should proceed.
Posted on: 10th Aug, 2009 09:08 am
apparently arya missed my major point - get legal counsel! if you have no legal counsel, your consultation with the lender may go nowhere.
Posted on: 10th Aug, 2009 09:12 am
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