If the owner of a property died and did not leave a will can the bank foreclose?

Answer

If a property still has money owed on it and the payments are not made, the holder of the note can foreclose. If the owner of the property died, the fact that something is still owed on the property does not change. If no one makes the payments, foreclosure is still an option for the lien holder. If there was no will, a family member or group of them can step up and make a claim. So can anyone else who reasonably believes that the person who has passed on owes them something. But the court must be petitioned. Any winner(s) of a claim must make up the payments. If not, the mortgage holder has a first option on the property. If it passes through foreclosure, family or other petitioners may still press the mortgage holder for any monies (equity) over and above what the was owed on the note (plus costs) when the property is resold. Laws vary in different places, but the basic principles are relatively common. In any case similar to this, consult a local attorney. They often give free or low cost consultations, at least upon an initial visit. Make sure all of the facts are in hand before making an appointment.

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