Home Foreclosed In Probate?
Question: Can a home be foreclosed on if it's in probate? How long does that process take?
Answer: Thank you for your inquir. In short, yes a property can be foreclosed if the owner has passed away and ownership of the property is being determined by a Probate Court. Foreclosure can only be stopped by a state court lawsuit seeking an injunction to prevent the foreclosure (this is rare) or a bankruptcy filing. Generally the personal representative of the probate estate must use probate estate assets to keep the mortgage current so that ownership may be maintained of the property until it is sold or transferred to the new owner. As a general rule, banks do not want to own any property and will work with a family to help preserve the family ownership until the parcel can be sold and the mortgage paid off.
Attorney: Mark Miller