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Patrick, Home Seller in Brown Springs, Birmi...

my father just passed away, he had a r/mort. for 117.k home valued at 320k, how long do we have to sell the

Asked by Patrick, Brown Springs, Birmingham, AL Thu Jan 15, 2009

home or refine. the home??

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Contact the mortgage company that issued the reverse mortgage. They will outline all your options.
0 votes Thank Flag Link Thu Jan 15, 2009

Was there a trust set up or a will stating who receives the home? You may want to speak with an accountant regarding the tax implications if you sell it and when would be the best time. Also, if you wish to refinance, the home is going to have to be in the name of the mortgage applicant. I recommend speaking with your accountant and attorney.

Please let me know if you have any additional questions.


Walter J. Burns
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
0 votes Thank Flag Link Thu Jan 15, 2009
Sorry to hear about your father.


You can refi immediately based on your credit scores, debt ratio, employment history, contact a mortgage broker who can assist you securing a loan. His name will need to be removed from title place in family members name who is purchasing the property.

HOWEVER if a family member does not want the home need to place on market immediately however keep the payments current.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jan 15, 2009
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