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Dealing with Reverse Mortgages in Ch. 13
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I have always understood that the heirs have up to one year following the death of the homeowner to deal with the reverse mortgage. The actual timelines are quicker, 90 days to figure it out, but I have always been able to get 90 day extensions when I provided the reverse mortgage company with evidence that the heirs were actively working on open probate and a refinance in the name of the heirs (or in the alternative, a probate with active efforts to sell the house) up to that one year mark. But everything is tied to the date of the death of the homeowner. Assuming the probate was opened and approved with FULL authority, fee simple title can be transferred and the subsequent refinance away from the reverse mortgage can be put into place prior to the closing probate. Like Steve, I am not sure how a Chapter 13 is helpful.
Desiree Causey, Esq.
Law Office of Desiree Causey
7755 Center Avenue, Suite 1100
Huntington Beach, CA 92647
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714-908-7646 (same fax number)
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Mark,
I had the same question today, so maybe a list discussion is appropriate. Unless we have an attorney shopper who is trying to figure out what not to tell the next attorney. Ethics say we cant expose names.
Best regards
Larry Webb
California Board of Legal Specialization
Certified Specialist in Bankruptcy Law
State Bar of California 229344
Central District California
"A Debt Relief Agency"
Check out my Blog
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