[Fredslist] Client needs some foreclosure advice:

[Phyllis Dubrow]

Dear Gotham,

 

My client needs some advice about a possible foreclosure:

 

Her mother had a reverse mortgage on her house in Queens and died in 2013.
The outstanding balance on the mortgage is more than the value of the house.

 

The lender says they'll release the mortgage for 95% of the appraised value
of the house; my client is working on getting a VA loan so that she can pay
the lender.  It's taking longer than she'd hoped.

 

Meantime, the lender has started a foreclosure proceeding and has served
papers.

 

Can someone advise my client what she should be doing?  

 

Thanks, as always.

 

Phyllis

 

Phyllis E. Dubrow | Attorney at Law

60 East 42nd Street, Suite 4600 | New York NY  10165

T: (212) 661-2885 | F: (212) 409-8682 | E: pdubrow at pipeline.com

 

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