QUESTION
Do I need to do anything at all after my widowed mother died last month?
Asked on May 03rd, 2020 on Estate Planning - New Jersey
More details to this question:
She died intestate with no assets. Her house has been and remains in a pre-foreclosure status for at least a year prior to her death but after deciding to walk away from her no-recourse, reverse mortgage. The market value of the house is easily $100,000.00 below the current, accrued balance of said reverse mortgage due to its dilapidated condition. Can I just sit back and leave it alone or do I have any obligations without any co-borrowing/debt guarantees, etc.?
1 ANSWER
2 Awards
From your description, it appears that you need do nothing. The creditor(s) can probate the estate if they see value in doing so.
Answered on May 04th, 2020 at 5:20 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.