Foreclosing Inherited Property

Foreclosure happens when a borrower defaults in the payment of obligation which is usually secured by a mortgaged property. In any foreclosure proceedings, the objective is to subject the mortgaged property to a public auction. The highest bidder wins and a certificate of sale is issued. In the event the borrower or mortgagor fails to redeem the property within a certain period, usually one year from registration of the certificate of sale, the right to redeem is deemed forfeited and the auction sale buyer can have the title and ownership consolidated in his name. Taxes and fees are then paid. The process ends when the old title is cancelled and a new title is issued in favor of the buyer. 

However, the process becomes tedious, expensive and lengthy when the property is under the name of a deceased owner.