My grandmother passed away and she had a reverse mortgage on her home. The loan is now greater than the value of the house. Held in a trust. BOA will sell the property for 95% of the CURRENT appraised value. With extensions you are allowed to have up to 1 year from the death to decide what to do with the property. The year mark is coming up and I still need more time.
Question: I know sometimes the foreclosure process takes a really long time. How does one know if the bank is bluffing or not? I know in some cases they won't even forclose bc it is more costly to do bc of legal fees ect. Than letting the property sit. Please advise on anyone who experienced something similar with BOA.