- Realtor, General Contractor, and Developer
- Redding, CA & Bend OR
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HELP NEEDED - REVERSE MORTGAGE - EVICTION PROCESS
I have come across a lady in northern Californna that is 76 years old. In 2008 she and her husband were taking out a reverse mortgage on their house, through Capital Funding from Texas. Apparently there was a telemarketer or ? that called them. There was someone that brought the paperwork to their house for them to sign, and a notary witnessed the signatures.
The problem. The husband died last month unexpectedly. In looking at the paperwork, when they refinanced she signed paperwork gifting the title over to the husband. She had just had a stroke and had no clue what she was signing. Now, she has been contacted by the bank saying they are going to begin eviction proceedings in 30 days.
I have no clue if the eviction process is the same or not for a surviving spouse on a reverse mortgage. Apparently FHA has changed the rules to protect surviving spouses so they aren't evicted, etc. Most lenders don't ask one spouse to sign off.
Has anyone dealt with this? She doesn't have money for a lawyer to challenge it, as it would cost more than it's worth. But, she would like some more time to get her affairs in orfader.
Anyone? (will someone please @mention Bill G (Gulley) for me, I can't @mention people with initials for some reason. Any other lenders, bankers, that understand the process of reverse mortgages?
