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Was the remaining balance a traditional loan or a reverse mortgage loan?
traditional loan used house as collateral
Okay, thanks. With a traditional loan, the lender cannot force you to refinance and cannot foreclose as long as payments are maintained. This is allowed by the federal Garn. St. Germain Act. Thus, you don't have to refinance (but you can if you choose to do so). You can maintain regular payments until the home is sold.
maybe this is another question but do we deposit money in the estate account or pay it from our account or it doesnt matter
It doesn't matter as long as everyone is paying their portion. If everyone is not paying their portion, there needs to be an agreement to reimburse the ones that are paying the mortgage so the other ones don't get more than their share.
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