QUESTION
What do I do about a reverse mortgage that is in foreclosure?
Asked on Aug 28th, 2012 on Foreclosures - California
More details to this question:
I moved in with my mom to take care of her. She did a reverse mortgage as she had government work done on home to pay liens. My mother passed and the house is in foreclosure. I have been working with my bank and mortgage company to clear my credit and get loan. I just found out now that we need more time for credit score to rise. I currently reside in the house with my son. Is there a way to get more time? I know highly unlikely but I am also disabled. I am trying everything and have done everything they have asked me to do. When I call Wells Fargo reverse mortgage department, I never get a straight answer. I want to work it so I can stay. The house is surrounded by farmland. My uncle owns it is on a family farm.
1 ANSWER
1 Award
From the time the RM is not paid, it generally takes 9-12 months to complete the foreclosure. Loan payoff with a new loan is usually the only way to solve the problem, but that's hard to do if the RM loan amount is greater than the value of the property. You should retain an attorney who is very familiar with foreclosure and real estate finance to assist you.
Answered on Sep 07th, 2012 at 5:07 PM