Q: Reverse mortgage left on home that we were left in grandfather's will. They trying to auction property off. Please help
Are we liable for a line of credit loan on a HECM reverse mortgage loan that states NO REPAYMENT in contract. How are they trying to auction said property. Please help
A: The reverse mortgage lender has a security interest, or “lien,” on the real estate. You may be able to file a Ch 13 Bankruptcy case if you have an expectancy legal interest in the property as a legal heir. You would not be personally liable for the reverse mortgage if you simply surrendered any claim to the property and let the foreclosure sale occur ( unless you signed a personal guaranty or co-signed on the reverse mortgage)
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