can bank sell home for half of what the value on a r/mortgage or does the family have the time to sell home?

Asked by Patrick, Brown Springs, Birmingham, AL Mon Jan 19, 2009

on fathers r/mortgage for 117k? son is third party contact, they need to inform him also??

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Dallas Texas, Agent, Dallas, TN
Mon Jan 19, 2009
I am assuming the home is pre-foreclosure? Speak with bank what their intent, only lender makes decision on what list price of home is. Could be bank would only sale for pay of mortgage owed plus realtors fees, closing costs, 3rd party vendors, legal proceedings, few other miscellanous items than value Banks are not in business make a profit off foreclosures ONLY clear mortgage owed and fees.
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Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Mon Jan 19, 2009
Not sure I fully get your question. Sounds like you are talking about a reverse mortgage? If so, then the rules for selling the home are governed by the verbiage in the note. If it's a reverse mortgage then there are no payments to speak of , but if your father passed away or moved out of the home then normally you have some sort of a grace period( I think 6 months maybe?) to sell the home or finance your own mortgage to pay off the balance on the reverse. It all depends on what kind of reverse it was. Contact the lender to start a dialogue with them, then you may want to speak to a real estate attorney
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