![]() Lawyers Realty Group Stops Imminent Reverse Mortgage Foreclosure for Irvine HeirsThe homeowner's daughter contacted Lawyers Realty Group after discovering a foreclosure notice posted on the family home. Her mother had passed away several years earlier, and the family had received no meaningful warning from the reverse mortgage lender before the sudden foreclosure action. Although the heirs understood they could not assume the reverse mortgage, the foreclosure timeline left them with almost no time to pack, prepare the property, or relocate. "Reverse mortgages typically become due upon the death of the borrower, and the heirs must either pay off the loan or sell the home," said Derik Lewis, lead attorney and Realtor® at Lawyers Realty Group. "In this case, the balance had grown far beyond the home's current value due to years of accrued interest, which is common when a borrower lives a long life. Families in this position are often placed under immediate foreclosure pressure with very few workable options." Using its combined legal and real estate capabilities, Lawyers Realty Group secured a full retraction and rescission of the foreclosure notice. The firm then negotiated directly with the mortgage servicer and their contacts at HUD to obtain extended postponements, allowing the family time to properly market and sell the property as a short sale on the open market through the firm's brokerage. There was no cost to the heirs. The lender paid the amounts due through the transaction, including commissions and closing costs. "Because we are both licensed attorneys and Realtors®, we were able to coordinate the legal halt of the foreclosure while also positioning the property for sale to achieve the best possible outcome," Lewis said. "We also secured relocation assistance funds to help the family with moving expenses — support they would not have received without this intervention." As a result, the heirs were able to move on their own timeline, avoid the disruption of foreclosure or eviction, and receive financial assistance for relocation. Read more about the story: https://www.lawyersrealtygroup.com/ About Lawyers Realty Group Lawyers Realty Group is California's premier Attorney/Realtor® For a free confidential consultation, contact Lawyers Realty Group at (949) 264-0966 or visit www.lawyersrealtygroup.com. End
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