The bank does own the property if it is a reverse mortgage or a foreclosure. It is too bad that they are not held responsible for making sure these properties do not become rundown, in fact it would be in their best interest to get these properties sold again. I purchased a foreclosure in one of the Detroit suburbs and while the house was empty, the city took care of mowing the yard and the bank had to pay for the services when we closed on the property, it was about $850. I also had a friend in MN whose husband took out a reverse mortgage on their place, he was over 65 and she wasn't. When he died, she had to move because the bank became the owners of the property
|