Legal Question in Real Estate Law in Pennsylvania

Probably several months.

Cary B. Hall, Esquire

Law Offices of Cary B. Hall, L.L.C.

121 East Chestnut Street, Suite 205

Souderton, PA 18964

T: (267) 663-9995

F: (215) 525-4364

[email protected]

http://www.carybhall.com

If you could qualify for a mortgage, you would be able to buy the house using your own new mortgage money.

The reverse mortgage company has to go through the foreclosure process, which in Philadelphia includes Mortgage Foreclosure Conciliation Hearings. When the foreclosure complaint is delivered or or sent to you, see if there is information in it about consulting with a housing counselor. If so, contact one of the HUD-approved housing counselors, who will help you evaluate your ability to avoid a foreclosure sale and stay in the house. DO NOT go to a counseling service that asks for any kind of fee or promises that it will save your house but needs signatures from you.

If the Conciliation process does not help you, the mortgage company will have to first get a foreclosure judgment, then an order for the house to go to sheriff's sale. After that, the buyer at sheriff's sale will have to go through an "ejectment" process, of which you must receive notice, and you will have to vacate only after there is a court-ordered ejectment.

If the foreclosure sale is inevitable, It may be possible for you and your housing counselor to negotiate a "cash for keys" agreement. With such an agreement, you agree to vacate the house by a certain date so that no one has to file the ejectment, and you will receive a cash amount if you do vacate as agreed. This would give you some money to pay a security deposit and moving expenses to a new living place.

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

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