Hello,Thank you for allowing us to assist you with this problem.
I'm sorry to hear that you are in this difficult situation.
Probate itself does not stop foreclosure. The probate process may slow down the process if the executor/executrix gets involved and negotiates with the lender, but it is not the same as a bankruptcy action which may stay a forclosure for awhile.
when a shareholder dies, the co-op apartment is passed on to a spouse or children as a matter of course. Often, an heir, whether a member of the immediate family or not, will sell the apartment.
The proprietary leases of most co-ops give spouses the automatic right to take over an apartment after the death of the named shareholder.
When it comes to children, the lease usually makes a distinction between spouses and children, the board cannot unreasonably withhold the right of offspring to occupy apartments they have inherited.
So the simple answer to your second question is that should the fees not be paid it is possible that the board could take the coop shares.
I hope you find that this information answers your questions,
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).