Q: Can mortgage company foreclose on a home owned solely by my brother whose estate is in probate?
Brother died intestate on 8/13/2021. Probate court date is 27 October, at which time personal representative will be selected. Creditors will have 6 months to come forward. House is major asset and there are insufficient cash funds in the estate at present to pay mortgage payments. Equity in the home is sufficient to cover my incurred funeral expenses (just under the limit) plus mortgage balance, probate fees. Mortgage is already 30+ (but not yet 60) days overdue. We fear the mortgagor can foreclose on property and auction/sell it for loan balance alone before probate closes, leaving no assets to cover funeral expenses, probate costs, etc.
A: No chance the mortgage company can foreclose and sell that fast. It takes at least 90 days of no mortgage payments to trigger the foreclosure notices, and if the PR communicates to the mortgage company the death of the borrower and that an estate is open and the house will be sold, then they will hold off and wait rather than foreclose. Hire an estate lawyer to manage this estate and file the appropriate paperwork, accounting, and to deal with the mortgage company. The foreclosure process takes a long time and is expensive for the mortgage company. They will get paid more and faster if they allow the PR to sell the house.
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