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OT does anyone have any experience with in lieu of deed on a reverse mortgage

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Posted 3/6/2018 6:42 PM (GMT 0)
Uggh

My mom had a reverse mortgage on her home and when she died she had borrowed more then the house is worth.
Luckily I am able to do the above which means I give the house back to the lender and I owe nothing.
However....this company has nothing to give me in writing about how long I have to empty the contents.
I was told verbally that I can sell everything including the appliances.
Since my mom's HOA does not allow estate sales and I am out of state and don't have time to spend there- I will probably have to call Salvation Army to pick up and I will have to pack everything up because they don't do that.

The mortgage company also said if you don't get rid of everything just tell us what you left.

I said will you charge me to remove the items? No. Do you have that in writing- No. I know appliances would be a bonus because they will try to sell the home and it's better with them. But what about accumulated house hold item over a 30 year period? I can't believe I'd be allowed to leave them.

Has anyone been through this?
Posted 3/7/2018 1:26 AM (GMT 0)
You might get a lawyer, you might a cheaper one, a paralegal, you might get a free lawyer if you can't afford one.

You might can go on the web, and type in the overall problem, or type in parts of the overall problem, and see if you can get any answers.
Posted 3/7/2018 7:11 PM (GMT 0)
Lawyer says these companies always make sure you are one day late one dollar short and they foreclose.
She said it could get expensive without reaping benefits from being represented.
Millions of searches on line- nothing answers my questions.
I wish I could just go to bed and have someone else take over but I don't have that option
Posted 3/7/2018 8:05 PM (GMT 0)
In my experience a mortgage company holds the dwelling and, when appropriate, the real estate as collateral. The mortgage company has no claim to the contents of your mom's house, including the appliances. If the household contents were willed to you, they are yours, and it's reasonable to expect the mortgage holder to allow you access to them.

That said, you are under no obligation to claim your mom's household contents, nor are you under any obligation to remove them, unless you expressly entered an agreement with the mortgage company to do so. The mortgage company is in business to make money - they'll be flexible when it comes to letting you grab stuff because the more stuff you take, the less money they have to spend to remediate your mom's property. Technically, if you wanted to, you could go in to your mom's house (with the mortgage company's permission), grab your favorite keepsake, and leave everything else for the mortgage company to deal with.

As far as I can tell, you have no legal obligation here to do anything.
Posted 3/7/2018 8:08 PM (GMT 0)
That would be ideal- grab my keepsakes, have the neighbors take anything they'd like and let the mortgage company deal with the rest!
Posted 3/7/2018 8:16 PM (GMT 0)
I don't really know anything about this at all, but from what you and F27 say, but as has been mentioned, are their any keepsakes in the house?

Photographs, family history, jewelry, family furniture you want to keep?

If there are, are you able to make a trip to get that?
Posted 3/7/2018 8:21 PM (GMT 0)
Weary, do you have a copy of the papers your mother signed when she did the reverse mortgage? I know everyone has made comments but getting a copy of those papers would be beneficial to you. I do not think this company will let the property remain in the house very long, they will be interested more in getting this house resold. Now, if you don't care about any of the property in the house that's another story.

Do you have a lawyer helping with the estate? I know you had questions about your mom's car & the lawyer should be able to advise you about the car. Each state has different laws on this. I do hope your mother had a will & depending on the laws will's often have to go through probate court before anything can be disposed of or transferred. It can be a hassle without a will.

Take care.
Posted 3/7/2018 9:43 PM (GMT 0)
My brother and I have talked about what we will do when our mom dies. Suffice to say she's a hoarder, and the state of her house creeps us both out. The thought of having to clean out her place led to some research, and we found that there's an entire industry built up around 'Estate Cleanup Services'. My guess is your mom's mortgage company has two or three of those companies on speed-dial.

I love your idea of having the neighbors come over and grab what they want from your mom's house! What a practical way to honour her memory. smile
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