Posted on: 22nd Jul, 2011 05:24 pm
What can heirs do if the bank did not record the reverse mortgage and the bank is threatening to foreclose on the home?
Guest;
There are two directions to go. The Heirs can consult an attorney and possibly fight the foreclosure in court. Your second option would be to refinance the property in the heirs name with a regular mortgage. Finally you can always sell the residence.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
There are two directions to go. The Heirs can consult an attorney and possibly fight the foreclosure in court. Your second option would be to refinance the property in the heirs name with a regular mortgage. Finally you can always sell the residence.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]