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Taxes and ins. are pd.up & my 92 yr old Dad can no longer take care of property if walks away Foreclosure or Forfeit?

by mhaynie18 from Woodway, Texas. Oct 25th 2018 Reply

Sunny Singh (916Mortgage)
#354 ranked lender in California - 18 contributions

Can a family member take over? Who is in line to inherit? Has he explored a reverse mortgage? There are many professional reverse lenders on here. Hoping it works out for your family- all the best

Oct 28th 2018
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed,,,, what is the property worth? How much is owed? If there's equity, then why let it go back to the bank.. just clean it up and list it for sale.. If there's no equity, then you could let it go back.. but the lender could ask for a deficiency judgement.. meaning, they can ask the judge for a judgment in their favor for the losses they suffered as a result of the foreclosure. If your dad has a net worth, and he passes, then while in probate, the estate would be required to pay the judgement ( as well as any other outstanding debt within his estate) before any heirs are paid.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Oct 30th 2018
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