QUESTION
How long does it take for the property of my passed father to go into foreclosure?
Asked on Dec 16th, 2012 on Estate Planning - Michigan
More details to this question:
Will the banks be willing to work with us to transfer the deed? What are the steps to protect the property and myself?
12 ANSWERS
Business Transactions Attorney serving Glendale, CA
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Richard E. Blasco, Inc.
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You need to hire an attorney. You have a mix of probate and real estate issued involved in your question. Furthermore, Is there equity in the real property? A real estate broker or agent should be able to provide you with this preliminary information as to value.
Answered on Dec 18th, 2012 at 12:58 PM
If there is no money in the estate to pay the mortgage then you should try to sell it. Transferring the deed requires a probate unless the value of the property is very small. You should consult a probate attorney to advise you how best to proceed.
Answered on Dec 18th, 2012 at 12:58 PM
Shadi Ala'i AlaiShaffer
Sounds like you need to consult with an attorney. You may have to open a probate to administer your dads property and other assets.
Answered on Dec 18th, 2012 at 6:13 AM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Open probate. Once you are appointed personal representative you can work with the mortgage companies. They have a right to be paid; if they're not being paid then can start foreclosure. Some will work with you.
Answered on Dec 18th, 2012 at 6:12 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You need to obtain the services of a real estate lawyer as to the applicable rules for foreclosure as to your particular lender.
Answered on Dec 18th, 2012 at 6:11 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I would hope that you have engaged in attorney to try to sort out the affairs of your now deceased father. One of them would be the real estate that he died cease of and generally banks are more than willing to try to protect themselves from any additional losses and to protect their security for funds due them.
Answered on Dec 18th, 2012 at 6:11 AM
If the mortgage isn't paid, the mortgage holder has the right to foreclose. Check the terms of your loan. Notify the mortgage holder immediately and see what arrangements they may be willing to extend to you to prevent foreclosure
Answered on Dec 18th, 2012 at 6:09 AM
3 Awards
Foreclosure takes a while but each county is different. See a local lawyer.
Answered on Dec 18th, 2012 at 6:09 AM
William R. Pelger, Attorney Munhall, Pennsylvania 412-461-1900
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Does the property have any equity? That is, did your father owe more or less than it is worth? If he has some equity, i.e., if it is worth more than the amount owed, the lender is likely to be REASONABLY patient. Open probate immediately, and let the bank know that they will be paid in full soon, as soon as the property can be sold. If the debt is much more than the value of the property, let it go.
Answered on Dec 18th, 2012 at 6:09 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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This is a very complicated situation. You need to take all of the information to an attorney to work out the details.
Answered on Dec 18th, 2012 at 6:08 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It depends on the facts. If the payments are maintained, then the bank cannot force a foreclosure or refinancing. If the payments are not made, then the bank can foreclose. It can take anywhere from a few months to a number of years to foreclose. There is then a redemption period, which is usually six months, in Michigan.
Answered on Dec 18th, 2012 at 6:02 AM
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If the property is in your father's name, it needs to go through probate to be transferred. The bank does not transfer title. You should seek a probate attorney to assist you with what is required to transfer title and possibly the loan.
Answered on Dec 18th, 2012 at 6:02 AM