Affidavit of Collection & Reverse Mortgage

[draco]

What is the name of your state (only U.S. law)? Minnesota

My father passed away with a small estate (under $50,000). He has a house with a reverse mortgage. The house is worth less than the reverse mortgage balance. He has a will. If not for the house, we could do an affidavit by colleciton. Do I have to go through probate just to turn the house over to the reverse mortgage company?

Thank you in advance.

 

[adjusterjack]

Contact the reverse mortgage company.

They might have a procedure for taking ownership without the house going through probate.

 

[FlyingRon]

Notify the lender of the death of the mortgager and let them know the heirs have no interest in redeeming the property. Reverse mortgages are non-recourse loans. All they can do is take the property.

 

[LdiJ]

Notify the lender of the death of the mortgager and let them know the heirs have no interest in redeeming the property. Reverse mortgages are non-recourse loans. All they can do is take the property.

I agree. This is not your problem but it would be wise to let the mortgager know that you know that its not your problem. Don't worry if you get included in a foreclosure suit. They would be naming you only as someone who might have an interest in the property, not someone who had any legal obligation to pay the debt to them.

 

[FlyingRon]

Ldij: The mortgagor is DEAD. It is the mortgagee that he must inform.