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Old 10-14-2011, 10:00 AM
 
1,153 posts, read 3,593,163 times
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wondering what to expect.....living in home with a reverst mtge on it and we are trying to save it......have rec'd notice that foreclosure proceedings will begin in 30 days.....thanks
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Old 10-14-2011, 10:54 AM
 
Location: New Jersey
11,301 posts, read 16,609,267 times
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Quote:
Originally Posted by deeds View Post
wondering what to expect.....living in home with a reverst mtge on it and we are trying to save it......have rec'd notice that foreclosure proceedings will begin in 30 days.....thanks
If you own the home and you have a reverse mortgage why are they trying to foreclose?

Better call the bank first and then your attorney.
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Old 10-14-2011, 11:32 AM
 
1,153 posts, read 3,593,163 times
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Default Foreclosure

Dad passed away and we've been trying to get financing........we lived in the home with my Dad for 20 years......Now rec'd notice they will begin foreclosing in 30 days..........Just wondering what to expect and how soon we will have to leave......
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Old 10-14-2011, 12:35 PM
 
Location: New Jersey
11,301 posts, read 16,609,267 times
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Quote:
Originally Posted by deeds View Post
Dad passed away and we've been trying to get financing........we lived in the home with my Dad for 20 years......Now rec'd notice they will begin foreclosing in 30 days..........Just wondering what to expect and how soon we will have to leave......
I'm pretty sure it could take up to 6 months.

But the deal is with the reverse mortgage upon the last deed owner, in your case, passing on, the mortgage is now due.

A few possibilities.
1) Sell the house and pay off the reverse mortgage
2) Get a new mortgage to pay off the reverse mortgage
3) Try to refi with the current bank

Also, please check your DM as I might be able to help.
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Old 10-19-2011, 07:14 PM
 
Location: New Jersey
11,301 posts, read 16,609,267 times
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Hi Deeds,

Did you get a chance to call my mortgage rep back?
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Old 11-01-2011, 12:23 PM
 
81 posts, read 195,249 times
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Default Takes forever to foreclose in NJ....

Sorry about your father. My best to you.

Takes forever to foreclose in NJ especially if you put up any fight.

See this link: States With the Longest Foreclosure Processes | Realtor Magazine

First, someone will try to serve you the official court foreclosure papers. If your goal is to prolong everything, then avoid opening your door to strangers. If they can't serve you in person within about 30 days (I think) by NJ rules, they will serve you by mail.

NJ once had a 6-month forbearance hold for nearly every foreclosure. Not sure if that is still in affect. "Forbearance" meaning after being served, the attorney could not continue to pursue any action until 6 months had passed. If you are eligible for that, the attorney will have it in the paperwork. Be sure you read EVERYTHING that you receive. Everything!

Be sure you "answer" the summons. It buys you more time. Answer at the very last minute. If you are eligible for the forbearance, you won't have to answer immediately. You will have the chance to answer after the forbearance period is over.

If I were you, I would get a free consultation from an attorney too. The death of the owner might put a wrinkle in things. In fact, I would get a free consult from more than one attorney. Attorneys sometimes give horrible advice, and sometimes downright erroneous information.

Did your dad leave the property to you? Getting a mortgage is tough these days. You won't have any easier time simply because the owner died. You will have to meet the mortgage qualification requirements same as anyone else. Income & job verification, good credit, etc.

Good luck.
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Old 11-01-2011, 02:20 PM
 
Location: Epping,NH
2,105 posts, read 6,646,461 times
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You have to ask yourself how much equity does the family even have in the home and can you afford to maintain the payments and expenses even if you could find the financing? You need a competent attorney to deal with this issue. It may very well be better to just let it go.
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