My mother had a reverse mortgage, she passed and now the house is in default I have a brother and sister there is no will or trust. I want to pay the loan balance to buy the house do I need a probate lawyer to purchase the home my siblings said they will not contest the purchase
You definitely need to consult with a probate lawyer. Many firms, have attorneys in the office who are certified probate specialists. Seek a free consultation to see what options are available to you. This is both real estate and probate, since you can purchase at a foreclosure sale, but others can bid at a foreclosure sale as well. To get the probate lawyer perspective, changing category to probate.
Assuming you qualify you can purchase the home from the estate. HOWEVER, your mother is on title to the property. Someone will have to probate yourmother's estate in order to get legal authority to sell/transfer the property to you. I strongly encourage you to hire an experienced probate attorney who and advise/assist you with this.
You absolutely need to contact an experienced probate attorney. First, you need to check title and the way the property was held in order to determine if Probate is required. If the property is held in just your mother’s name then probate is likely required. You need to move quickly to be appointed the Administrator as you do not want to buy it at the foreclosure sale. You may need to be appointed the special administrator so that you can speak to the lender to request a continuance of the foreclosure. Understand that Reverse mortgages are very tricky in probate. Reverse mortgage lenders are very difficult to work with and they will try everything to foreclose on the house. Foreclosure is a huge profit center for the lender. I hope it helped.
If the house is in your mother's name, then the only way it is sold or transferred is by the actions of a probate administrator. If no probate is open, you better get started immediately. In Los Angeles County, probates are taking upwards of 18 months to complete whereas a foreclosure can be completed within 120 days. There are ways to stop the sale but they are often challenging. You need to see an experienced probate attorney as soon as possible.
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