E215 What Happens if You Delay Probate?

<div class="" data-block="true" data-editor="aimhh" data-offset-key="9l8av-0-0"> <p class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="9l8av-0-0"><span data-offset-key="9l8av-0-0">A recent example of headaches and costs if you delay probate:</span> Lou’s mom died owning a co-op apartment in New York. Since there was no mortgage, Lou and his sisters didn’t think there was any rush to deal with it. More than a year passed, and the co-op wanted clarity on who the legal owner is. Lou and his sisters each took turns saying they’d handle it, then dropped the ball. Finally, the co-op got tired of waiting and took action.</p> </div> <div class="" data-block="true" data-editor="aimhh" data-offset-key="ebijt-0-0"> <h2 class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="ebijt-0-0">Co-op Foreclosures in NYC</h2> </div> <div class="" data-block="true" data-editor="aimhh" data-offset-key="52q3-0-0"> <div data-offset-key="52q3-0-0"><img class= "aligncenter size-medium wp-image-9979" src= "https://anthonyspark.com/wp-content/uploads/2021/04/Co-op-foreclosures-in-nyc-300x182.jpg" alt="Co-op foreclosures in nyc" width="300" height="182" /></div> <p class= "public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="52q3-0-0"><span data-offset-key="52q3-0-0">The co-op began a foreclosure proceeding. Condo and co-op foreclosures aren’t</span> <span class="qualifier"><span data-offset-key= "52q3-1-0">just</span></span> <span data-offset-key="52q3-2-0">for missed mortgage payments. Foreclosures are also for missed maintenance payments and to clear the title. In this case, the co-op board doesn’t</span> <span class= "adverb"><span data-offset-key="52q3-3-0">necessarily</span></span> <span data-offset-key="52q3-4-0">want the money. They want control so that they can put the apartment on the market and sell as they see fit.</span></p> </div> <div class="" data-block="true" data-editor="aimhh" data-offset-key="3a4ph-0-0"> <p class= "public-DraftStyleDef