Q: 1. Does Co-borrower under age of 62 who signed HECM have right to occupy the home after death of primary borrower?
I am one of several defendants involved in a reverse mortgage foreclosure lawsuit filed by Reverse Mortgage Solutions (RMS) on 15 January 2013 The case has dragged on for over four years, opposing counsel’s attorney fees are approaching $20K with a Non-Jury trial scheduled for 19 July 2017.
In July 2013, a now defunct law firm filed a 'Consent to Judgment' with the court on my behalf. The filing was based on our understanding that a reverse mortgage is a non-recourse loan. I would like a phone consultation as soon as possible to discuss the current situation in light of the recent judge's order for Non-Jury Trial and discuss what other options I may have to address the case or even reconsider or revising my previously filed Consent to Judgment. My brother (also a defendant) and I signed as “co-borrower” on my mother’s HECM reverse mortgage and is fighting to stay in the home.
A: The loan documents and the other pleadings filed in the foreclosure will need to be reviewed to give you an answer. With a Non-Jury Trial scheduled and possibly a Consent Judgment already in place, it may be a little late in the process to be of much assistance. Best of Luck! Jennifer
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