Q: My mother has a reverse mortgage and she has since passed away(4 months ago) I cared for her and lived in the house.
Myself or my children are not on the deed or promissory note.The house is going to go into foreclosed and I dont know what to do..Ive had a health crisis that placed me on FMLA and my hrs and wages have been reduced. I dont qualify for a traditional mortgage. The mortgage co has sent out a letter of intent to foreclose. Also due to Hurricane Irma I have exhausted my modest savings with preparation and evacuation. What can I do and how soon do we have to leave the home (florida)
Thanks
A: I am sorry for your situation. Reverse mortgages can have difficult consequences for the family members, and that is to pay what is owed or lose the home. I have seen situations where spouses can remain in the home until they pass, but you would have to review the loan documents with an attorney to properly advise as to what rights you may or may not have. The foreclosure process is a process and in that, you can rest assured that the Sheriff will not come knocking on your door and ask you to remove your belongings. When the foreclosure proceedings begin, I would recommend that you participate in them, if nothing else, so that you are informed as the case progresses. It will be multiple months before the case begins and gets to foreclosure sale. Realistically, I would think you would have a year for the proceedings to be filed and come to conclusion. Hope that helps and... Best of Luck! Jennifer
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