News
04Apr
04Apr

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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