Q: In NJ, deceased spouse, no will and I'm not on the deed or mortgage. If house forecloses, can the bank come after me?
My husband passed away without a will, and we live in NJ. I am not on the deed or mortgage on the house. The house is underwater and the Estate is insolvent. If I walk away from the house and let it go into foreclosure, could the bank come after me? All house bills are in his name only.
A: Your best bet may be to file a Chapter 7 Bankruptcy, but to determine if that is the right solution, you need an in person consultation with an experienced Bankruptcy attorney.
A:
You did not mention if you are on the Note. If you are, you would potentially be at risk for any shortfall in the loan after foreclosure. You should speak with an attorney to review options.
Jay Schmerler
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