Reverse Mortgage in deceased husbands name only. Do I have to sign 1099-s for lender when going short sale?

Asked by Reedges, 85234 Sun Nov 7, 2010

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9
barbara_shaf…, Both Buyer And Seller, New York, NY
Mon Sep 16, 2013
The sale’s proceeds, even though less than what is owed on the mortgage, completely satisfy the debt. This should provide some peace of mind to homeowners in states that allow deficiency judgments, as they are assured that they won’t be liable for the deficiency amount in the future. More at

http://www.reversemortgagelendersdirect.com/how-does-a-rever…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/hecm-programs/
0 votes
Jr, , Gilbert, AZ
Mon Nov 29, 2010
If the loan was an FHA insured reverse mortgage, the estate has at least 6 months to pay off the reverse mortgage if they want to retain the home. If there is no equity in the home (the reverse mortgage balance is higher than the home's value) the estate can give the home back to the lender without owing anything and walk away.

John R
0 votes
Lucinda Tkach, , Phoenix, AZ
Sun Nov 7, 2010
Sorry for the difficult time your going through! I wish you the best as you must be overwelmed!

You will need legal advice and impute from a CPA!

Feel free to contact me if you would like some referrals! I have some great resources available!

Lucinda Tkach
602-799-6846
0 votes
Jon Hegreness, Agent, Scottsdale, AZ
Sun Nov 7, 2010
Contact Jan Metzger regarding your legal question.

1-480-874-1313
The Law Offices of Wahl & Ribadeneira, P.C.

Contact David Issac Regarding your Tax Questions.
602-625-3074
0 votes
Loren Hoboy, Agent, Phoenix, AZ
Sun Nov 7, 2010
As has been stated, you need to get both a real estate attorney and an estate tax attorney to weigh in on this decision.
You need to consider the impact on your late husband's estate. Do you need to get a full release ad satisfaction on the loan short fall or will the lender be able to come against the estate for the loan deficiency?
How does this effect the estate taxes.
How does it effect both yours and his income taxes?
How does it effect you if you were on title.
This is not a simple question and must be handled correctly to avoid unintended consequences.
0 votes
Greg Urroz, , Phoenix, AZ
Sun Nov 7, 2010
As others have said this is a question for your attorney and or accountant.
Web Reference:  http://www.gergurroz.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Sun Nov 7, 2010
I would not think you would, but to be sure, defainately consult with an attorney, the first meeting is usually at no charge so you can get some direction.

please see my blog regarding shortsale advice and tips
0 votes
James Wehner, Agent, Scottsdale, AZ
Sun Nov 7, 2010
No one but a real estate attorney or your accountant can answer this question correctly for you. It is strongly advisable that you consult with them.
Web Reference:  http://www.jameswehner.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Nov 7, 2010
In order to best protect yourself do consult with an attorney who specializes in real estate before your short sale, and for any tax related questions you may have, do consult with your your tax professional and or tax attorney.
0 votes
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