Legal Question in Wills and Trusts in Illinois
parent died without will - no stocks, bonds, cash, only condo no one in family wants and huge credit card debt. Foreclosure hearing in approx. 60 days. Summons has been served by bank attorneys regarding foreclosure. What should defendants (unknown heirs and legatees) do, if anything?
1 Answer from Attorneys
Why do anything? Unless there is a great deal of equity in the condo and the condo can be sold within 60 days at a profit, it makes more sense to let the property go. Any personal property inside in the property of the heirs and can be removed. The credit card companies are SOL. If there is a car/car note, the lender should be notified so that they can repossess the vehicle. Generally, the heirs have no liability for a parent's debt. A surviving spouse may have liability but you don't indicate that there is one. You may want to consult with a private attorney in your area if you have more specific questions.