Estate of Charles Ray Vorhis, Sr.
Apr 29, 2019OUTCOME: Executor avoided foreclosure
The decedent obtained a reverse mortgage on his property a little before the financial crisis of 2008. When the decedent died, his mortgage, which had been loaned by a failed bank, had been sold to a ... recovery corporation and lost in a file room somewhere for 2 years. HUD decided to foreclose against the property despite being contacted by the Executor with his payoff options once the Executor opened the Probate case. Instead of waiting 30 to 60 days for the Executor to be appointed by the Court in order to act to pay off the reverse mortgage, HUD moved to foreclose using their federal authority causing the foreclosure to be ordered in 21 days. We were able to get the Executor appointed as a Special Administrator in order to pay off the loan and avoid foreclosure and assisted the Executor in finding an appropriate financing source during the craziness.
