I am a licensed real estate broker in both Florida and California. Under all federal laws, the mortgage loan, and the home (the collateral that ensured the loan) are governed by the rules of that state. In the case of Florida, the process is handled with a lis pendis and an actual court hearing when a homeowner breaches the contract through nonpayment. As the lienholder is now deceased, the respondent to that filing is more complicated. But I would like to point out that alive, or passed, the party has little to say but whether they are paying the deficiency amount. If not, the home will be processed through the foreclosure process.
I might think that if the wife is willing to go to court and offer to pay the deficiency that they might cure the loan. Otherwise. what other recourse do they think the court should find? GIVE the house to the wife without paying? Not likely. I would suggest you contact an attorney...but better than that might be to proceed with a short sale of the property...IF the wife is an executor to his estate. A short sale now offers almost $10,000 for relocation fees in order to resolve the disposition of the property outside the foreclosure process. However, if the wife does not show as the executor to the estate, she cannot sign contracts related to its sale.
Were you or the representative of your motherâ€™s estate not aware that payments were not being made on the property? Is your motherâ€™s estate capable of bringing the mortgage current? Have you or a representative of her estate been in touch with the lender? Has everyone been ignoring the letters from the bank notifying you of the delinquency and warning of foreclosure? Is there equity in the property or is it underwater? Is the foreclosure a surprise to you? What have you done up to this time to prevent foreclosure? Have you spoken to a local real estate agent? Have you spoken to an attorney?
It is important to have open communication with the bank as soon as possible. We had a few problems with the death certificate, but once that was corrected, we were able to move forward.
As has been mentioned several times already, you should be consulting an attorney to determine your rights and obligations.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
If the financial obligations have not been met the bank will ultimately foreclose. I am certainly sorry to hear about your husband and you should be speaking with your probate attorney about your options.
Again, my condolences and the very best of luck to you moving forward.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
The bank will foreclose if they are not being paid. The widow may or may not be on the deed. Possibly this widow should seek the advice of a probate attorney. You could speak to:
Dawn Ellis, Esq.
My Florida Probate, P.A.
Fax (352) 726-6117
They definately need to speak to an Attorney who knows Real Estate.
You have a very good case it is very unlikely that they can the man is dead, but it all comes down to what is written in the details of the note, so death might not keep them from trying to foreclose. My advice is to get the widow a good real estate lawyer fast. All the very best.
Halstead Homes Realty
on the estate. I would highly recommed that the family discuss their options with a real estate attorney
as soon as possible.
Best of luck on this issue.