REVERSE MORTGAGE short sale is a little bit different from a traditional short sale. In a reverse mortgage, the homeowner aged 62 or older allows using the equity in their homes to receive cash without having to make any payments. The entire loan balance becomes due and payable when the homeowner dies, moves away permanently, sells the home, or fails to meet other loan obligations like paying property taxes and insurance.
Upon the death of the homeowner, the estate representative has the option if they want to refinance or sell that property. If they want to sell the property but the homeowner doesn’t have a Will or didn’t go through PROBATE then they cannot do it. They need to make sure that they take whatever steps are required, like getting it into PROBATE.
We had a client situation that was a little unusual. The seller was on the deed and the gentleman that passed away was on the note. It was a father-son situation. Now, the seller still has to go through a bit of probate but mainly not a full probated property. This will make him a representative of the estate and will allow him to make decisions on the mortgage.
For Realtors, Attorneys, Title companies, etc interested in our services please go to http://massachusettslossmitigation.com/
For homeowners needing assistance with avoiding foreclosure please go to http://shortsalemitigation.net/
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Woburn MA 01810