Legal Question in Wills and Trusts in New Jersey

Foreclosure on home

My grandmother recently passed away. Her only asset was her home and my mother is the benificiary in her will. My grandmother's mortgage, assessment fees from her condo, and brokerage fee, would end up being more than what we can get for the house. Therefore, can we just let the lender foreclose on the house. Is my mother liable for anything related to this matter?


Asked on 7/31/08, 9:57 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Foreclosure on home

I am presuming there were no other assets and that grandmother's personal property (cars, furniture, furnishings, jewelry, etc.) have no or only nominal value.; If Mom intends to take any personalty, she may have some responsibility to the mortgage company for their value. If this poses a possible problem and there is anything Mom wants, maybe it is worth the few dollars to probate grandma's Will, negotiate with the creditors, give the mortgage company a Deed In Lieu of Foreclosure, and close things out cleanly. By the way, how were funeral expenses and such paid? If any of grandma's assets were used, this might pose some questions.

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Answered on 8/01/08, 12:06 am


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