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In Virginia how long does the estate have to decide what to do with the house.

by ellen007175 from Williamsburg, Virginia. Jan 6th 2015 Reply


Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,252 contributions

ARE YOU TALKING ABOUT probate?? foreclosure? need some more information please ..

Jan 6th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

I'm guessing your talking about a reverse mortgage held by the decedent... in this scenario, the estate has up to 12 months to either sell the home and pay off the balance, refinance it, or give it back to the bank.. in any of these scenarios, the estate is not liable for any deficit associated with the liquidation of the home. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 6th 2015
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

If the deceased had a reverse mortgage secured by the property, then the estate has one year to either payoff the outstanding balance or return the property to the lender. If the estate is going to transfer the home to one of the heirs, then the estate would either need to pay off the existing reverse mortgage. This could be done with a new mortgage. If the plan is to sell the home then the sale would need to occur before the end of the one year mark. If the home does not have equity or the equity is less than what the estate would pay to sell it, then it would be better to turn it back to the bank. In this case, neither the estate nor the heirs would have any liability to make up the difference and there would not be any taxes due on the shortage. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Jan 6th 2015
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