Please ensure your family members obtain a will and inform others about the location of the same. If there is no will, then intestate property will multiply owners as each succeeding generation arises. Suddenly, a boiling point is reached.
Maybe a dozen or more heirs will spend thousands of dollars through the court partition process. This can lead to physical conflict if one family member is usurping the heir home, for example. This can lead to escalating legal costs. Worst of all, this can lead to the divestment of family property to a stranger via a public or private court ordered sale. While this firm does not prepare wills, this firm does routinely file partition actions for those who failed to do so.
Heir property in a foreclosure context brings other problems. Without title vested in a single person, the lender could be hard pressed to arrange for assumption of the deceased borrower’s loan. Further, the heirs might have trouble obtaining basic information from the lender, such as reinstatement amount. Foreclosure could lead, again, to divestment of title of family property.