My husbands parents had a Reverse Mortgage when they passed. Both my husband and I were served notice of foreclosure on that property.

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My husbands parents had a Reverse Mortgage when they passed. Both my husband and I were served notice of foreclosure on that property.

My husbands parents had a Reverse Mortgage when they passed. Both my husband
and I were served notice of foreclosure on that property. He and I were served
with a foreclosure notice on that property last week. Can or will the
foreclosure attempt to attach our current house? Neither he nor I had any thing
to do with that address, he’s listed because he’s the son and I’m listed
because I’m married to him. I’m concerned they might put a lein on our current
house, which I paid cash for

thank you very much…..or and time is of the essence as we only have 2 weeks
to respond

Lynne and Allen Inglett

Asked on August 16, 2017 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, you are not personally responsible for his parents' reverse mortgage, unless you cosigned or guaranteed it. And therefore, since you are not responsible, not only can you not be sued, but your own home is safe: it cannot be liened, cannot be foreclosed upon, etc.
You received the notice because the law requires that anyone who may have a claim to property be given notice of a foreclosure, so they have the chance to oppose or fight it (or pay off the debt to avoid foreclosure), if they want to and think they can. As a son, he would typically inherit the home (unless there was a will disinheriting him); that gives him an interest in the property. As his spouse, you effectively have an interest through him. So you are being noticed to give the two of you a chance to try to protect the house in some way.
Note that if the house is not underwater on the loan, you would (assuming he is not disinherited) be entitled to any equity or proceeds from the foreclosure or sale which is in excess of the loan balance; you most likely want to respond and assert a claim for any equity over and above the amount due on the loan. Speak with a probate law attorney or real estate attorney who can help you do this, if you think the home is worth something. (If you believe the loan equals or exceeds its value, you dont' really need to bother.)


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