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    minks13's Avatar
    minks13 Posts: 1, Reputation: 1
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    #1

    Oct 6, 2009, 09:32 PM
    Life estate and forclosures
    My house is going in foreclosure, but there is a life estate living in the home. My question- if the bank will own the home what happens to the life estate person, and can someone buy the home with a life estate to the property
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #2

    Oct 7, 2009, 09:16 AM
    Quote Originally Posted by minks13 View Post
    My house is going in forclosure, but there is a life estate living in the home. My question- if the bank will own the home what happens to the life estate person, and can someone buy the home with a life estate to the property
    The life tenant probably signed off on the mortgage (or the mortgage was created subsequent to the mortgage), in which case, upon foreclosure, the life tenant can be evicted.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Oct 7, 2009, 11:18 AM

    After foreclosure the life estate will no longer exist. Depending on the terms of the estate what was the duties of the owner to protect the estate, they may have some legal grounds againt the owner, but that would be detailed in the estate.
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