How does probate work w/ a property beginning foreclosure?

Question:

A property was left to a daughter 2 yrs. ago (fathers death) it never went through probate. The mortgage is delinquent - bank letters are arriving - daughter doesn't want to deal with it and is letting it go. I have some access to her but not directly. She is being difficult due to input from outsiders. I am having an O&E run on it, what steps or questions should I be asking to aquire this "possiblity". There's a 1st and 2nd on the property, I know the bank names for the mortgages and the owners name. The property is quite the mess (gotta love it) and could have some great potential. Anyone with input that has delt with probate would be greatly appreciated. ~Thanx~

Answer:
Interesting question. It sounds like she just does not want a free home. Does she know that she can just get the title into her name and sell it? Probate is only going to the person it was willed to. I am sure with the consent and proper documentation something else might be arranged. You will need to consult a lawyer on this one. The easiest way to handle this is for her to take the property. However she will then assume the loans which is probably why she doesnt want it. See if there is some way she would sell it to you for cheap. and contact a lawyer.

Dear lord, where to start. It was "left" to her? A will that was never filed for probate? No one is going to take ownership (by state law not even the bank for certain) untill the will get to the probate court and the executor has a chance to review the assets and debits of the estate and decide what gets paid how and what goes with court permission to a deed in lieu or a foreclosure that might be redeemable by a heir; you don't even know for certain WHO has interests in the property at this point. NO will just makes things more complicated and falls under the state specifics of intestancy.

(HOw does she know there is no life insurance on the mortgages? Have the loan companies recieved formal notice of the death of the borrower?)
Walk away. This puppy is a nightmare and won't be settled in the near future. Depending on the state specifics, you could be 2-3 years from getting a title for it even if you paid out the mortgages today. If you are convinced, start with a good real estate law firm that knows a bit about probate

How does probate work w/ a property beginning foreclosure?

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