Can a Bank Foreclose on a House in Probate?

We all have been through news of our close family members. However, things take a brutish turn when our loved ones leave us without an heir. The probate property which is supposed to be distributed among the heirs loses its base. Then who decides who will take over the property? Yes, it is the bank. The bank will ensure that the mortgage agreements are designated accordingly and auctions at a lower rate so that the people associated with the property pay for the property which is a part of the foreclosures in Florida. But the million-dollar question lies in how can you get through or handle the foreclosure during the ongoing of the probate property. This article has some answers.

5 Ways to handle foreclosures in Florida 

In case you want to win back the foreclosure probate property which is left by your forefathers but unencumbered then follow the following steps

1. Communicate with the bank in writing 

It is a cat well known that the bank is the semi-owner of the probate property which is now stamped as a foreclosure. Write a letter to your bank regarding the property. Initiate the process by involving conversations over the phone. The trick here is to ensure that you authenticate and mark your territory as the authority of the property. So you can send or attach the decedent’s death certificate in the letter which you have written and validate yourself. The second step would be enquiring about the statements. He or she can inform you about the principal amount of the mortgage which your ancestors were supposed to pay. Apart from this ask the bank to give you the list of overdoes, and request a copy of the loan documents to make sure the lender is acting legally within the terms of the agreement.

2. Pay the overdue balance and clear your dues

The easiest solution for any of the foreclosures in Florida firstly requires you to pay the overdue balance. And what is the quickest way to do it? It is to liquidate the liquid assets convert the cash within a few days and include all your bank accounts therein. Liquid assists are those that can be converted into liquid cash within a span of a few days and typically include bank accounts, brokerage accounts, certificates of deposit, stocks, bonds, mutual funds, gold, and silver. In case you go on to transact any of the business in the overdue business, there a minor administration fees which gas be paid by the guarantee. Once the assets have been liquidated, send them to authorities in foreclosures in Florida send a mail with the receipt request and proof of payment, cancellation of the foreclosure, and make sure you keep the final copies of everything in your final accounting. 

3. Request an injunction

If the probate property of the file has been implicated towards the mortgage process, then liquid assets were a probable solution. But, in case you are not able to pay off the overdue balance, then consider an injunction. What is the process? Providing a reasonable amount of time to liquidate the illiquid assets these could be cars, real estate, or investments within a long period of withdrawal time. In addition to this provide them with a reasonable amount of time for them to sell off the house.

4. Seeking modifications in loan 

Remember where we started this article? We started with the bank taking charge of unsolicited probate properties. In case there is an inheritor of the home. then you can take ownership of the property requesting for the loan modification or might as well get a new mortgage to pay off the old one. Despite this is not an easy process and requires a good credit score and civil score. You can take another loan and take a good option if you want to inherit, live or rent out the home all together. 

5. Significance of Affidavit of Heirship

When the bank initiates or begins with the foreclosure in florida then fill out the affidavit of heirship. So what is the process of this affidavit? This is a legal document that proves the identities of the legal decedents’ legal authority, who is supposed to take care of or inherit the property. The legal document consists the detailed information about the deceased person, this could be their spouse children, siblings and parents. There are also instances where there is a list of decedents’ property. Just for the piece of information, you need to understand that without transferring the name onto your name.

Wrapping up

In sum, while concluding this article, we get an answer. The answer to the question that can banks really foreclose a probate property. Yes, banks can do that. But in the above piece, there is a detailed and streamlined analysis of ways one can stop the foreclosure on inherited property, so be sure to explore your options and consider speaking with an expert.

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