Legal Question in Real Estate Law in New York
Can heirs be held responsible for the balance of a reverse mortgage in the event of a short sale or foreclosure?
Asked on 11/17/15, 11:53 am
2 Answers from Attorneys
David Slater
David P. Slater, Esq.
The estate is responsible to pay creditors.
Answered on 11/17/15, 11:58 am
Arnold Nager
Arnold H. Nager, Esquire
In addition, the mortgage is a lien on the property and will have to be paid.
Answered on 11/18/15, 7:39 am
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