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    lindadar's Avatar
    lindadar Posts: 1, Reputation: 1
    New Member
     
    #1

    Mar 27, 2017, 05:10 PM
    Reverse Mortgage Question
    How long after parent dies and there is a reverse mortgage and property is turned over to bank, do HEIRS have to get belongings out of house?
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
     
    #2

    Mar 27, 2017, 06:22 PM
    NEVER put your email online. Go into this post and edit it out.

    Work out the deadline with the bank. Technically, the contents are theirs if not in your parent's will. It's their home and any access you have is by permission.
    They will be reasonable if you are helpful. If you don't want any of it, you don't have to clean it out.
    talaniman's Avatar
    talaniman Posts: 54,327, Reputation: 10855
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    #3

    Mar 27, 2017, 07:06 PM
    I suggest you call the loan holder immediately and have them explain your rights and options because they can start foreclosure 6 months from the time of death, and can sell and have you evicted immediately after that.
    talaniman's Avatar
    talaniman Posts: 54,327, Reputation: 10855
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    #4

    Mar 28, 2017, 07:28 AM
    Are you on the deed? If you are you can stay as long as you pay the taxes, maintain the property, and keep the insurance current. Failure in any one of those areas leads to foreclosure. You are free to do whatever you want with the possessions.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
     
    #5

    Mar 28, 2017, 09:20 AM
    It seems that the house has already been turned over to the bank. I do hope that the heirs got good advice about their choices. They could have sold the place, IF it could sell for more than the amount still owed.

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