Foreclosure in an Estate

By HSK, April 4, 2014

The 2nd district court of appeals has recently ruled that he who hesitates is lost.  In what could have been a probate headache, a foreclosure case was filed against an individual who later died during the pendency of the case.  The bank had a requirement under the law to substitute the probate appointed executor of the estate to the foreclosure case.  Over a year went by and the bank took no action.  The foreclosure case ultimately proceeded, but the bank lost the right to make a claim against the probate assets because it waited too long.  The assets of the estate escaped what is known as a deficiency judgment, which can occur if the property is sold for less than what was owed to the bank.

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