My dad passed away with a reverse mortgage the house went into foreclosure now it's headed towards a Sheriff sale but my daughter wants to buy the house it's not on the sheriff's list yet but I believe it could be a matter of a couple of weeks
Sorry to hear about your dad. Stalling a sheriff sale is generally not possible unless the borrower either files a mortgage modification request or files bankruptcy. But these options are obviously not available in your case. It best to undertake any move with a local lawyer familiar with laws and regulations regarding reverse mortgage foreclosures. There are a few options to stave off foreclosure. Among them, you could:
1. Offer to repay the balance (or 95% of market value) and keep the property; or
2. Wait and purchase the property out of the sheriff sale. In our area, foreclosed property is offered at 2/3 of market value, which is quite attractive. However, this kind of purchase usually requires full payment in cash.
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