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My mother died we had been taking care of her for 13 years my wife elderly mother in law and i live there and now the bank wants the house by jan 15 its been less than 1 month and we are having a hard time finding a house to rent...what do I do...??? Help...

By Bear J. on 01.02.2019

Hello Bear,

I don’t know in what state you live, but there is no state in the union in which a lender can foreclose on a property in under 30 days.  In fact, lenders cannot even move fast enough to get the appraisal and other steps completed that HUD requires in less than 15 days.  I would suggest that you talk to the lender to discuss your plans with them. 

They will work with you and if you are making positive steps toward either refinancing the loan or selling the property, they should be able to get an extension from HUD before they begin foreclosure.  Even once they begin the foreclosure process, it takes time for a lender to foreclose on a loan and I am not aware of any state in which that process can be completed in less than 120 – 180 days.

I would advise you to do a few things immediately.  Firstly, determine if there is any equity in the home.  If so, decide if you want to try to keep the house which would require you to obtain a new loan in your name to pay off the reverse mortgage or decide what it would take to sell the home to retain the remaining equity.  If you are not the heirs, then you need to determine who will inherit the property and whether they intend to pursue it. 

If you are the heirs and title has not passed to you from probate yet, I would advise you to seek the assistance of an attorney to speed that action if you intend to keep or sell the home so that the attorney can also work to stave off any foreclosure actions. 

If you do not intend to try to keep or sell the home and intend to let the lender take it back through a foreclosure action, an attorney can advise you regarding the notification and time periods to which the lender must adhere but I don’t think you are being accurately informed if you are being told that you have less than 30 days before the lender can take the home and strongly suggest that you obtain legal counsel, even if you have to go online and find a free legal counsel service.

 

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