reverse mortgage...again?

Question

Ok its long but here I go. My grandparents both passed away within like 2 weeks of each other. After they passed we learned than my grandfathers son had borrowed alot of money from him. So much that he decided to take out a reverse mortgage on their house. Now both him and my grandmothers names were on the title. BUT here comes the tricky part. My mother had Power of Attorney over my grandmother. My grandmother was not able to feed herself let alone sign papers or understand anything that was going on. If she had been she would have never agreed to do that. So my grandfather did this without my mother(the power of attorney) knowing. So when they passed away the house and the 30,000 dollars in credit card debt got passed to my mother. Now the reverse mortgage company is saying they need the money back (which they will take out of the house) but we need the money for their debt. Now I guess what I am asking is that if we go to court saying that my grandmother could not have signed or if

Answer 1

I definitely agree with Garden by M. All debts will be assumed by the reverse mortgage company FIRST. Also, I strongly doubt a case can be made that your grandmother didn't know "what was going on," plus--your grandfather signed it! as well as your mother who had Power of Attorney. There's no legal case here at all. I would assume $30,000. in credit card debt has already been placed as a lien against the property. There is really no way out of this.

Edit: Ooops. Just read your question again, & it's POSSIBLE there's a loophole here, since your mother did NOT have anything to do with it. This is more glitchy than I thought, as to the legal responsibility of your grandfather. SEE AN ATTORNEY.

Answer 2

you def need an atty to talk to you.....your grandmother might have been cogent when she signed the papers, how do you know? In most states, credit card debt does not transfer to anyone. If anything is owed, it is taken from the estate. You will need to sell the house, pay the reverse mortgage off first and then whatever is left goes to pay the next in line, if that is the credit card provider etc. then that's the road to go....if there is nothing left, no one else gets paid....oh, well....remember that the grandparents had their own kids and they chose to help one of them...it is really not your business....look to your parents to leave you something, not your grands.

Answer 3

You need to seek out the advice of a professional probate lawyer in order to figure out what your next move is.

As the house is technically part of your grandmother's estate, the reverse mortgage company may have a legitimate financial claim on it in order to repay her debt.

A good probate lawyer might be able to claim that she was not in a proper state of mind to put her name to it, but because your grandfather - presumably her husband - took the mortgage out, that may not stand up to the letter of the law. Only a lawyer can tell you for sure what your options are.

Answer 4

It does artwork, if youre talking on the splendid undertaking to the splendid man or woman. If its glaring the guy will call you out of course. some human beings arent even able to pulling it off to tell you the fact.

Answer 5

Great counsel from Garden by M, and best of luck in this trying time.