QUESTION
If the house of a decedent is foreclosed upon by the bank, are the heirs responsible for any taxes or bills?
Asked on Jul 05th, 2019 on Estate Planning - New Jersey
More details to this question:
My father's house is very far behind on the mortgage. At this point we don't know whether or not we want to continue trying to sell it. If we don't and the house is repossessed by the bank, would we be responsible for any taxes, fees, etc.?
1 ANSWER
2 Awards
You have not stated whether your father's estate has been presented for probate. The appointment of an executor or administrator delays foreclosure for six months. If the lender then forecloses, it takes the property with all debts associated with it.
Answered on Jul 06th, 2019 at 5:08 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.