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If there was no will, what steps were taken from the time of the owner's death to now to probate or take ownership of the house by the heirs?
I hate to be harsh but if someone was thinking that things will just 'sort themselves out" without taking the proper legal steps, you may find your options to stall the sale is limited. There are legal protections for heirs in a reverse mortgage but it's not so one sided that the lender is forced to stand on the sideline while the heirs get around to doing what needed to be done. And, since you mentioned there was talk of foreclosure, sure sounds to me like someone was being notified, maybe just to lazy to care.
Under the law, the home can be inherited by the heirs. But, they will be inheriting a property with a mortgage that can be called in by the lender based on the death of the borrower. The heirs can pay off the mortgage with their own funds, get their own loan to pay off the reverse mortgage lender, sell the house and pay the lender from the proceeds, give the house to the lender or just default and let it be foreclosed on.
Sounds to me like they are already at the foreclosure point. They may be able to stop the process by showing the lender failed to properly make notification, but, the lender can also keep it going by showing they did everything by the books and it's the fault of the heirs that they failed to act in a timely manner.
Did you contact them? If not, why?
If yes, what did you learn?
You are in Philadelphia, according to your profile "Phila4now"?
It takes liquid funds to buy a foreclosure. $$$$ and non-refundable. It is not an endeavor to take lightly.
4. All properties are sold "AS IS" with NO expressed or implied warranties or guarantees whatsoever.... It is the responsibility of the bidder to investigate any and all liens, encumbrances and/or mortgages held against the property which may not be satisfied by the post-sale Schedule of Proposed Distribution under Pa. R.C.P. 3136 ("Schedule of Proposed Distribution").
Regardless....
If you cannot afford an attorney, you probably should immediately contact a Legal Aid service. You need to know where you stand, and maybe get help delaying sale. https://clsphila.org/ https://philalegal.org/
Did you contact them? If not, why?
If yes, what did you learn?
Regardless....
If you cannot afford an attorney, you probably should immediately contact a Legal Aid service. You need to know where you stand, and maybe get help delaying sale. https://clsphila.org/ https://philalegal.org/
It's the holidays,most places are at limited staffing...as usual these things hit around those times.
Lay person here. But could you find out the status of the reverse mortgage? If there is equity then perhaps an attorney can be paid after everything is cleared up.
Also, there is something called a quit claim deed. Don’t know if that applies in this case but it might.
Yes.
Be the squeaky wheel that gets the grease.
Press the deadlines of which you are aware to see if they can prioritize your situation.
You need qualified local legal counsel, not ramblings of well-meaning CD members who are just distractions.
I have been on this forum long enough to know how much stock to put in it,however there are usually tidbits of information that could be salvaged for leads on help.
Also we are in a large city with most likely too many others seeking assistance and thus could still be delayed. Always pressing on though.
Lay person here. But could you find out the status of the reverse mortgage? If there is equity then perhaps an attorney can be paid after everything is cleared up.
As far as I've gathered,there isn't alot of equity. Not sure what we could do with that. Unfortunately our credit is not quite at the level to even qualify for an FHA loan,which I believe is 620 minimum.
OP you haven't been able to figure out anything since you posted 18 months ago? Per post #23 the link posted to your other thread 6/2020. Then was the time to start working on it not 20 days before foreclosure.
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