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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 37960
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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My parents have both passed and I am the executer of their

Customer Question

My parents have both passed and I am the executer of their estate. They had a reverse mortgage on their home and have just recieved the Deed in Lieu paperwork and would like your advice on how to proceed. I have three days to send all the documents.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  socrateaser replied 1 year ago.
Hello, If you do not wish to satisfy the mortgage by refinancing or paying off the unpaid balance, then a deed in lieu of foreclosure may be an appropriate means of eliminating the loan obligation from the estate. Make certain that the lender has provided you with a waiver or release of any obligation for the unpaid loan balance. This is generally provided for in the original reverse mortgage loan agreement or promissory note. Otherwise, the lender may try to sue the estate for the unpaid balance (which also means that the original reverse mortgage was likely a fraud, because a reverse mortgage lender cannot recover a deficiency balance). But, everyone knows at this point, that lenders have done some pretty unethical and unlawful things, so I wouldn't simply trust in the law to protect you. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf. Thanks again for using justanswer.com!

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