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  1. #1
    Join Date
    Sep 2016
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    13,916

    Default Property Remains in a Deceased Owner's Name Despite Surrender on a Reverse Mortgage

    A piece of real property in Florida was subject to a reverse mortgage and, when the property owner passed away, the property was given back to the bank. A year later the family received a notice from the local government instructing that the property must be cleaned up or that they will have to pay a fine. They checked the property records and the bank never took the property out of the decedent's name. What are their obligations, and what should they do?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Property Remains in a Deceased Owner's Name Despite Surrender on a Reverse Mortga

    The administrator of the estate should investigate to determine if a foreclosure actually occurred and, if so, why title wasn't transferred to the buyer after the foreclosure sale.

    If the foreclosure occurred, the administrator should notify the local government of the identity of the new owner identified on the certificate of sale.

    If no foreclosure occurred, the administrator may contact the lender about the possibility of executing a deed in lieu of foreclosure to convey the property back to the lender. As long as the property is owned by the estate, the estate is responsible to maintain the property, so the administrator should arrange to fix the issues with the property so as to avoid incurring fines against the estate.

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