How does a reverse mortgage foreclosure affect an heir's credit?
If a reverse mortgage borrower passes away and the property is underwater, does foreclosing harm the heirs credit? is a short sale necessary? by DMartin from Bridgeport, Connecticut. Nov 12th 2012
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
IF YOU were not on the loan, it will not be under your social security number.. you can not be on the loan if you didnt live in the houe and are under the 62 yrs old age limit if you want the house , there is a way for you to get it ... email me at yourloanpartnerforlife@live.com linda 602 330 1598
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
No, unless you signed the note and mortgage and were legally obligated for the payment if won't affect you. Short sale may be advisable if only to shorten the process but I can't imagine why it would be necessary. If the property is underwater you will likely be better off just allowing the lender to foreclose. You could contact the lender and offer to sign off on your rights just to shorten the process. Have an attorney review whatever you are asked to sign if you have any questions whatsoever about it.
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