Q: How do I go about assuming the mortgage of my deceased Uncle's home, which is in foreclosure.
I received a Summons as a party with possible interest in the estate of my deceased Uncle, in the state of Florida. He died intestate. His home is in foreclosure and was a reverse mortgage. I have inquired as to the balance due but haven't received an answer yet. My questions are: Can I assume the mortgage for the balance due? How do I respond to the Summons? Do I reach out to the lender or go through an attorney? I assume I'd have to prove my relationship to my Uncle? What would be sufficient documentation to do that or is being named in the Summons sufficient? Do the other relatives name have to agree to my assuming the loan?
A: You can bring the mortgage current, but you wouldn't necessarily have clear title unless you institute a probate case and get the court to find that you are the heir pursuant to the intestacy statutes. Alternatively, you could seek financing if necessary and purchase the property at the foreclosure sale. Yes, you should probably retain an attorney.
A:
There are several questions that you have posed. The answer to each one is outlined below.
Can I assume the mortgage for the balance due? On a reverse mortgage, you cannot assume payments, so this will not be an option. You will need to pay off the mortgage balance in cash or get a loan to pay the mortgage balance.
How do I respond to the Summons? You will need to file an answer to the complaint for foreclosure admitting or denying the allegations and including affirmative defenses and counterclaims.
Do I reach out to the lender or go through an attorney? You can attempt to speak with the lender directly, but many times, they will not speak with you without probate paperwork being finalized.
I assume I'd have to prove my relationship to my Uncle? What would be sufficient documentation to do that or is being named in the Summons sufficient? Probate would be necessary to show you are a legal heir to your uncle.
Do the other relatives named have to agree to my assuming the loan? Yes, the other relatives will have to sell you their interest in the property or quitclaim their interest following the probate. You will not be able to assume the loan.
You have options but there will be several legal proceedings that need to occur. Schedule a free consultation to make sure you have a plan moving forward.
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