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home / estate

My parents both passed away. We have the started the paper work with the probate court until we decide what to do with the estate. Since than the home has gone into foreclosure. Do we have the full year from when we filled the probate paper work to buy or sell the home. or until the end of the redemption period from when the home was sold at auction ?

thanks
Paul

Asked on October 12, 2017 under Estate Planning, Michigan

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Probate has no effect on the foreclosure process--probate is not like bankruptcy, which at least temporarily (typically for weeks or sometimes a few months) delays foreclosure. Rather, the bank can foreclose on the "estate" the same way it could have foreclosed on your parents were they still alive but had defaulted on the loan. You only have as long as you would normally have in foreclosure to redeem the property.


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