Q: My uncle died he owed more on his home than it was worth. If we let the bank foreclose can they sue or are
they entitled to the rest of the estate like cars, bank accounts and boat. He lived in Las Vegas, Nevada.
A:
Generally in Nevada a creditor of the estate can go after assets that other people got as a result of the death. So, for example, if you were the payable on death beneficiary of a $10,000 savings account, your liability would generally be limited to the $10,000 you got as a result of the death. However, it is not at all certain that the mortgage bank will go to the expense of hiring a lawyer to try and track down and sue for such assets.
If valuable assets are going through probate along with the underwater house, it may be possible to defeat the mortgage claim in the probate process. Contact a lawyer for more information.
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