Legal Question in Wills and Trusts in California
The bank with whom my mother had a reverse mortgage with will not honor the new bill passed on aug4,2014. Stating that heirs and spouses may reume the loan from the lender if they wish to stay in the home. And is going to auction their home in a day or two. What can I do to stop this. I have complied with their requirements since my moms passing, such as paying the property taxes, insurance, maintaining up keep of the home having problem getting financed 2 points off on the debt to ratio. But new bill states that the heirs do not have to be qualified for loan they are to assume the ability to faith rule and do not have to apply for a loan they are to be able to take over the payments on a good faith value to see if they make the first three payments on time and if so they are qualified to resume loan. Can you tell me what I can do please I am desperate and have absolutely no more time to waste. thank you
3 Answers from Attorneys
The new HUD rule applies only to reverse mortgages entered into after August 4, 2014 and only with respect to non-borrowing surviving spouses of the reverse mortgage borrower. I am unaware of any new law allowing persons other than surviving spouses to assume a reverse mortgage.
I believe Mr. Tillem is correct, but in any case with the deadline you describe, you are wasting precious time on internet questions. You need a lawyer on the ground in person to deal with immediately or you may as well just give up.
You are not clear on what new "bill" you are referring to. If you are referring to AB1700, that bill does not go into effect until January 1, 2015.
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