Reverse Mortgage Foolery

[Sam Brown]

How can you get a property that has been contracted by a reverse mortgage company; out of the deceased owner's name? The property hasn't been sold; and sits vacant. Why isn't it in the reverse mortgage company's name; and what statute or law allows that company to keep the property in the deceased owner's name? Is there anything that could be done; quit claims deed; or anything to make the company responsible for the property they just had to have; take responsibility for it. Thank you for your help!

[Wayne Brooks]

They have to foreclose, just like any other mtg.  If it has equity, simply buy it....if it is upside down, it's a short sale.....of course in either scenario someone has to open probate to have the legal authority to sell it.  Little motivation for the heirs to screw around with a short sale though.