What is the name of your state? Texas.
I have a friend and his brother who both lived with their mother. Their mother recently passed away, and they cannot afford the mortgage on her house. They are afraid that the mortgage company will try to foreclose on the house quickly.
I was told several years ago by my lawyer that property cannot be foreclosed on immediately in the event of the homeowner's death. She said that mortgage companies must give the survivors reasonable time to repair and sell the property at a fair market value. She said that "reasonable time" may take over a year, and that the mortgage company would have to file (something?) in court to request a foreclosure if they think "reasonable time" had been exceeded.
Is this true and what would be considered "reasonable time"? Is "reasonable time" dependent on whether the survivors live in or out of town? Could lack of finances to adequately fix the place up to sell be considered? Who determines what is "reasonable time", the mortgage company or a court?
Thanks.
I have a friend and his brother who both lived with their mother. Their mother recently passed away, and they cannot afford the mortgage on her house. They are afraid that the mortgage company will try to foreclose on the house quickly.
I was told several years ago by my lawyer that property cannot be foreclosed on immediately in the event of the homeowner's death. She said that mortgage companies must give the survivors reasonable time to repair and sell the property at a fair market value. She said that "reasonable time" may take over a year, and that the mortgage company would have to file (something?) in court to request a foreclosure if they think "reasonable time" had been exceeded.
Is this true and what would be considered "reasonable time"? Is "reasonable time" dependent on whether the survivors live in or out of town? Could lack of finances to adequately fix the place up to sell be considered? Who determines what is "reasonable time", the mortgage company or a court?
Thanks.