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How to Avoid Foreclosure and Probate

 


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There are many things that can be done in the event of a death and you want to prevent foreclosure and probate. You should consider these things just in case a death should occur in your family, especially if the family member has a loan on a home you are living in or you have a vested interest in.

Obtain A Preliminary Title

One of the most important things you need to do to avoid probate is to obtain a preliminary title or report for the property before you open a probate case. This title is not a profile. The majority of title companies will allow most people to pay for a report on a property. The cost of the report may also be credited toward the purchase of the title policy at a later date if the property is sold or refinanced.

Discuss With the Lender

Another thing you need to keep in mind is that when a family member dies and they have a loan on their home it is their home. If you want to save the home or it is supposed to be paid off through insurance or some other policy, you have to let the lender know. Someone has to be in contact with the lender and work with them every step of the way throughout the process. There should be no miscommunication or it will be counterproductive and could cause a problem. Write letters to the lenders and the lien holders and stay in constant communication with them.

Know How Much Is Owed

When you are trying to avoid probate due to the death of a family member and you want to save a home you need to find out exactly how much money is owed. This will allow you to know exactly what is owed. it is very important to know exactly what the balance owed is so there are no surprises later.

Request The Proof Of Title

Another step to avoiding probate is requesting the proof of the lien and the debt that is owed. you should get copies of any and all promissory notes and the trust deeds. Be sure to review the terms and conditions of all of them. You might find some judgments or liens may be expired and invalid. Many creditors will try to come after an estate when someone dies even when their claim is no longer valid. Many people mistakenly pay them not knowing they didn't have to.

Keep Secured Loans Current

Another way to stay out of probate and avoid foreclosure is to keep all secured loans of the person that passed away current. If they have monthly payments on things be sure to pay the payments or pay the loans off. If you don't then the lenders can come after assets in an attempt to collect a debt, especially if they know the person is dead.

Conclusion

There are many ways to avoid foreclosure and probate . If you have a family member that died and has a piece of property or home you have an interest in then you should follow these steps to be sure you don't lose the property.

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