QUESTION
My mom had a reverse mortgage on her house. She passed away in oct 2011 Iam her personal rep in her will.what are my responsibilties?
Asked on Dec 03rd, 2012 on Foreclosures - Florida
More details to this question:
I tried to give the mortgage co. a deed in lieu but was not authorized to do so.I have been paying all the bills on the house. I am an only child. I told the mortgage co. to foreclose in april 2012 and have not heard from anyone.Is there any way I can get out of this mess?
1 ANSWER
Generally, the estate and/or beneficiaries have no responsibility for a reverse mortgage. If you want to surrender the property, then do nothing and they will foreclose. If you want to keep the property, then you must pay-off the mortgage. They are correct that you do not have the right to deed the property, unless a probate has been established naming you the personal representative.
It does not sound like you have a "mess", but the mortgage company has to take the necessary action to secure the property. If you are living on the property, have personal assets on the property, or are renting it out, that may raise other issue, which you should discuss with an attorney.
Answered on Dec 04th, 2012 at 9:30 AM