Legal Question in Wills and Trusts in New Jersey

Re: Husband passed away without will

Is the property in both of your names? You mention that the first mortgage is signed by both of you, but you don't mention how the property is titled. Remember that the HELOC this is a secured loan, meaning that even if you are not personally liable, the mortgage is a lien on the house. Have you tried to talk to the bank about possibly re-financing the two loans? You might also want to consider a "reverse mortgage."

Re: Husband passed away without will

Very little options unless you try to compromise the claim. The HELOC is a lien against the house and while you may not have any personal liability for its payment, it still impairs your residence and could cause a foreclosure to collect it. You provide no information on your husband's estate (assets, debts, etc.), and this information is needed for a better reply. If his debts and expenses exceed his assets, this may be a basis for seeking a discount on the HELOC.

Re: Husband passed away without will

I am sorry your husband died so recently and that it is causing your financial stress. Normally, when a mortgage loan is granted both of the owners are required to sign the mortgage even if the note is only in the name of one party. You need to retain a good estate and tax lawyer who can obtain the note and mortgage as well as a copy of your deed. Depending upon the exact wording of the documents you may not have personal liability. Nevertheless, no one can make this determination without seeing the Deed, note and mortgage.

I hope this helps!

Ron Cappuccio

http://www.SaveYourEstate.com