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My mom's house is on a reverse mort. she passed 1/10/2012. The reverse mort co sent an intent to forclose notice.

Midlothian, VA |

As I was her only heir and she was not married, I inherited the home, but it is under a rev mort. The home is now listed in my name by Chesterfield county, Va. If my name was not on the loan will the foreclosure fall onto my name & create problems for me financing another place to live?

Attorney Answers 1

Posted

The foreclosure should not be reported on your credit, so if you let it go it will not impact you (you should receive any surplus proceeds, if there are any). If you want to stop the foreclosure, you can either try to refinance the mortgage, arrange to sell the property and ask them to defer the foreclosure, or, if justified, file a bankruptcy case in order to require them to take payments over time.

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