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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Property forclosed while in probate Posted by Ward-CA- on June 08, 2001 at 8:23 PM In Reply to: property forclosed in probate posted by hl on June 08, 2001 at 10:53 AM : can they forclose on a property that has been in probate for over four years without going through the probate process? can the heirs redeem the property? is the bank obligated to notify all the heirs. who 'owned' the property the heirs or the estate. how can a sale be reversed? is there a difference in possessery rights and redeemption rights? =•=•=•=•=•=•=•=•=•=•=•= Why would you think that probate would stop a foreclosure? If it did everybody would try to use probate to avoid or stall a foreclosure. As far as the right of redemption is concerned, it would inure to the benefit of the deceased owner's estate if it wasn't settled before the foreclosure. In that case, the executor or administrator of the estate would be the party to exercise the right of redemption. The foreclosing trustee or sheriff would only be obligated to notify all junior lienors of record and all owners of record at the time of the filing of the various notices of the foreclosure. So whoever appeared in the public record at that time, as being adversely affected by the impending foreclosure, would be entitled to notice concerning the foreclosure. In addition, those parties who recorded a special request for notice concerning the foreclosure of a particular trust deed or mortgage would also be entitled to receive such notices. A sale can be reversed one of two ways. One way is voluntarily action taken by the foreclosing trustee or sheriff. The typical justification would be to correct a mistake. But that's only possible for just a short while after the auction, before all the sale proceeds are distributed by the trustee or sheriff. After the distribution of proceeds it would be nigh near impossible to put humpty dumpty back together again. At that point a lawsuit would have to be initiated to try to force the reversal, and that would only work if the new owner of the property was not a bona fide purchaser for value (an innocently involved party who simply bought the property at the auction and not at fault for any reason). If there's a BFP then the sale would be final regardless of the mistake and the only remedy against the liable party would be for a money judgment. The possessory right or interest in a property is the right to currently occupy the property. A tenant, for example, pays for the exclusive right to possess and enjoy the use of a rental property from month to month or for a fixed term. The right of redemption is the right by law to regain the title to property that was lost via a foreclosure sale. The ROR is only applicable for a limited period of time set by state statute, and almost always requires the reimbursement of the purchase moneys expended by the owner-by-auction plus any subsequent advances (paid towards senior liens, insurance or property taxes) plus an interest penalty thereon. Hope this helps. Follow Ups: Re: Property forclosed and intent to redeem Dino Thompson 0:21 AM, 03/03/04 (0) Re: Property forclosed and intent to redeem Dino Thompson 0:21 AM, 03/03/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : can they forclose on a property that has been in probate for over four years without going through the probate process? can the heirs redeem the property? is the bank obligated to notify all the heirs. who 'owned' the property the heirs or the estate. how can a sale be reversed? is there a difference in possessery rights and redeemption rights? : =•=•=•=•=•=•=•=•=•=•=•= : Why would you think that probate would stop a foreclosure? If it did everybody would try to use probate to avoid or stall a foreclosure. : As far as the right of redemption is concerned, it would inure to the benefit of the deceased owner's estate if it wasn't settled before the foreclosure. In that case, the executor or administrator of the estate would be the party to exercise the right of redemption. : The foreclosing trustee or sheriff would only be obligated to notify all junior lienors of record and all owners of record at the time of the filing of the various notices of the foreclosure. So whoever appeared in the public record at that time, as being adversely affected by the impending foreclosure, would be entitled to notice concerning the foreclosure. In addition, those parties who recorded a special request for notice concerning the foreclosure of a particular trust deed or mortgage would also be entitled to receive such notices. : A sale can be reversed one of two ways. One way is voluntarily action taken by the foreclosing trustee or sheriff. The typical justification would be to correct a mistake. But that's only possible for just a short while after the auction, before all the sale proceeds are distributed by the trustee or sheriff. : After the distribution of proceeds it would be nigh near impossible to put humpty dumpty back together again. At that point a lawsuit would have to be initiated to try to force the reversal, and that would only work if the new owner of the property was not a bona fide purchaser for value (an innocently involved party who simply bought the property at the auction and not at fault for any reason). If there's a BFP then the sale would be final regardless of the mistake and the only remedy against the liable party would be for a money judgment. : The possessory right or interest in a property is the right to currently occupy the property. A tenant, for example, pays for the exclusive right to possess and enjoy the use of a rental property from month to month or for a fixed term. : The right of redemption is the right by law to regain the title to property that was lost via a foreclosure sale. The ROR is only applicable for a limited period of time set by state statute, and almost always requires the reimbursement of the purchase moneys expended by the owner-by-auction plus any subsequent advances (paid towards senior liens, insurance or property taxes) plus an interest penalty thereon. : : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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