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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5420
Experience:  Dip Law LPAB - Sydney based lawyer
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The descent left a will heirs to have peice of property.

Customer Question

The descent left a will for 5 heirs to have peice of property. This property has a reverse mortgage on it with loan balance $150,000. The property is only appraised at 38,000. The options are to sell buy or let go back to mortgage company. There is no equity in property. If the descent has some outstanding bills; how does that effect the person if they want to buy the property, will they even be effected and can they buy it. The mortgage company is secured in there loan repayment of 150,000.
Submitted: 2 years ago.
Category: Australia Law
Expert:  Patrick H. replied 2 years ago.
Hello and thank you for your question.If there is no equity in the property then the mortgage company should generally be allowed to sell the property. If anyone wants to buy it they can always approach the mortgage company as an interested purchaser, but the mortgage company has no obligation to sell it to them, and generally such organisations will simply put the property up for auction. Any money they obtain for the property will then be applied to the mortgage, and it is only if their is a remainder after the mortgage has been repaid that any funds would then be made available to the estate. If there are other outstanding bills beside the mortgage, then any other assets of the estate would need to be applied to them before anything can be distributed to a beneficiary.I trust the above assists your understanding. If you have a follow up question, please ask, otherwise please rate my answer.Thanks,Patrick
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Expert:  Patrick H. replied 2 years ago.
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