The experienced probate attorneys at Law Office of Julie A. Paquette provides compassionate counsel to individuals facing this stressful intersection of probate and real estate law.
Bloomfield Hills Michigan
Foreclosure During Probate Lawyers
Navigating the complexities of probate after the passing of a loved one is challenging enough, but when property within an estate goes into foreclosure, the legal landscape becomes even more difficult.
Bloomfield Hills Michigan
Foreclosure During Probate Lawyers
Navigating the complexities of probate after the passing of a loved one is challenging enough, but when property within an estate goes into foreclosure, the legal landscape becomes even more difficult.
The experienced probate attorneys at Law Office of Julie A. Paquette provides compassionate counsel to individuals facing this stressful intersection of probate and real estate law.
How Do Properties Go Into Foreclosure During Probate in Michigan?
Foreclosure is a legal process that allows a lender to repossess and sell a property when the borrower fails to make mortgage payments as agreed. Sometimes, this happens after the borrow is deceased and the estate is in probate.
Foreclosure during the probate process can occur for several reasons, including the deceased homeowner falling behind on mortgage payments before passing or the estate lacking the liquid assets to cover expenses for the property during probate.
Ways to Avoid Foreclosure During Probate
If you wish to avoid foreclosure during the probate process, our experienced attorneys can help you determine your best option, which may include:
- Paying all missed mortgage payments and penalties from the estate.
- Working with the lender to change the loan terms.
- Obtaining a new mortgage with more favorable terms.
- Selling the property through a traditional sale or a short sale.
Frequently Asked Questions
Can a house in probate be foreclosed on in Michigan?
Yes. Even though a house is part of a deceased person’s estate going through probate, lenders still have the right to initiate foreclosure proceedings if mortgage payments aren’t being made.
How does probate affect foreclosure?
The probate process can temporarily delay foreclosure proceedings. However, this doesn’t eliminate the lender’s right to foreclose. The probate court will need to give permission for the sale of the property, even in a foreclosure.
How do foreclosure debts carry over when I inherit property?
Inheriting property doesn’t mean inheriting the previous owner’s debt. While the estate handles outstanding financial obligations, these debts don’t automatically transfer to your credit report.
However, you are responsible for managing any existing mortgage on the inherited property. Options include taking over payments, refinancing, or selling. Failing to address the mortgage could lead to foreclosure and eventually impact your credit.
Who gets the foreclosed property during probate?
If a property within the estate is in foreclosure, the distribution of the property depends on whether it is sold or retained, and who the beneficiaries are. The specific beneficiaries who may inherit a home during probate depend on the terms of the will or Michigan’s intestate succession laws.
Can I sell a house that is in foreclosure while in the probate process?
Yes, but it is a more complex process. You will need to obtain permission from the probate court to sell the property. A short sale may be an option if the mortgage balance exceeds the property’s value.
Why do I need a lawyer when dealing with a foreclosure during probate?
A lawyer with experience in probate law can provide guidance on handling the complexities of foreclosure during the probate process and help you make informed decisions to minimize financial and emotional stress.
What Our Michigan Clients Say
”"Julie’s office walked us though our estate plan, informing us of our best options. We were not pressured to complete the appointment quickly. We appreciated the opportunity to ask questions."
~ Thomas K.
”"A+ services! Nicole resolved my mom's estate issues quickly. She answered my questions and gave me the advice I needed. Would highly recommend their services."
~ Barb F.
”"We have been very pleased with the work that they have done on our behalf. They reworked and updated our estate planning documents and have been available to assist us with other legal questions and concerns as well. Thank you!"
~ Robert C.
”"Everyone at the South Lyon office was extremely accommodating, very knowledgeable and empathetic to our situation. They were able to help my mother’s wishes come together and were able to do it quickly in order to ensure she was able to complete the process. I appreciated all interactions and am grateful they were able to give my mom peace of mind when she needed it most. Thank you!"
~ Melissa G.
”"Julie is incredibly knowledgeable, hard-working, and dedicated to her profession. She and her staff go to great lengths to reach out and contact those who are entitled to proceeds from estates.
~ Robyn K.
Our Michigan Foreclosure During Probate Case Process
STEP ONE:
Initial Consultation
We start with a free and confidential consultation to understand your goals and assess your situation, discussing the best way to handle a foreclosure during the probate process.
STEP TWO:
Review and Recommendations
Our team determines your options regarding the foreclosed property in probate, reviews them with you, and makes necessary recommendations to ensure it reflects your intentions.
STEP THREE:
Finalization
We assist with the process of selling or retaining the foreclosed property, making sure you know all of your options so that the property can be properly distributed during the probate process.
Contact Our Michigan Probate Lawyers Today
If you are dealing with a foreclosed property during probate of a loved one, the experienced team of probate attorneys at Law Office of Julie A. Paquette can guide you through the probate process and make sure you understand your rights and responsibilities regarding the foreclosed home. Contact us to put your mind at ease and help you feel comfortable during this challenging time.
