home / estate
Get Legal Help Today
Secured with SHA-256 Encryption
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 ?
Asked on October 12, 2017 under Estate Planning, Michigan
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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.