Legal Question in Wills and Trusts in Arizona

If a person has a reverse mortgage and they die without a will what does the law require the lender to do before proceeding with foreclosure. Is there a required amount of searching that must be done for an heir, or do they have to publish anything? If not is there a period of time that they must wait before they can proceed with foreclosure?

Any help you can give or direction to materials that I can read would be helpful.

Thank you,

Trish


Asked on 9/26/11, 9:49 am

2 Answers from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

you have to read the loan agreement and its terms, that is what controls.

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Answered on 9/26/11, 10:06 am
Riley Snow The Law Office of Riley S. Snow PLC

Donald is correct, the terms of the reverse mortgage, as set forth in the mortgage documents, will explain what the lender must do prior to foreclosing on the property. Another factor that may affect the foreclosure is the condition of title to the home - was it solely owned by the deceased? Was their a joint tenant with a right of survivorship?

Thanks,

-Riley

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Answered on 9/26/11, 11:35 am


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