Pell City, AL asked in Foreclosure and Real Estate Law for Alabama

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

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1 Lawyer Answer
Kevin M Ryan
Kevin M Ryan
PREMIUM
Answered
  • Foreclosure Defense Lawyer
  • Mobile, AL
  • Licensed in Alabama

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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