Legal Question in Wills and Trusts in New Jersey

My question is why would anyone want to do this. If there is any equity at all in the house, then it can be sold and the net equity split among the heirs. If the mortgage balance exceeds the value of the house, it would ultimately be foreclosed upon. Until then, the municipality may require the representative of the estate (administrator or executor) to at least maintain the property (cut the lawn, shovel the snow, etc.)

Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. You will only be able to rely on advice from an attorney who you have actually retained. Good luck! Rob Gleaner

I agree with Bob. Perhaps the Excecutor should consult the mortgage company and ask them to allow a reasonable amount of time to have an orderly sale. If the Mortgage balance exceeds the house's value, the Executor might be able to quitclaim the house to the Bank and avoid any exposure for maintenance, etc.