Legal Question in Real Estate Law in Illinois
My father passed away last year. we had been estranged for close to twenty years. Unknown to me he took out a reverse mortgage on his home and now the balance is more than the house is worth. i recd papers in the mail stating that the mortgage company that loaned him the money is trying to add me to a law suit to recover. i don't know if there was a will or life insurance but am i responsible to repay the bank the money.
2 Answers from Attorneys
Assuming you did not sign the promissory note, you are not responsible for repayment of the reverse mortgage. Likely what they are trying to accomplish is to extinguish your lien against the real estate. If you have concerns, take the documents you have received to a real estate attorney for specific advice.
I agree with Attorney Moens. While you should not be responsible for the loan, the law is seeking to protect your interest as an heir by requiring the lender to give you notice in any proceeding involving the property. To be safe, since these lenders and their counsel act in bulk and make mistakes, take the documents to a neighborhood attorney experienced in probate and real estate.
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