Q: My husband died a while back. A courier served me with a foreclosure notice a few weeks ago. I called the attorney on the notice and they said that my husband had a home equity line of credit on the house, which I was not aware of. Do I have to pay this? Edna, Hillside, NJ A: The first thing you should do if you haven’t already is to probate your husband’s estate. Probate is the court-supervised act of paying debts, closing accounts, and distributing the assets and belongings of an individual after their death. Generally speaking, assets such as real estate will either switch ownership to a beneficiary or be sold to pay for any debts. As part […]
continue reading Q: I am inheriting a home. Do you have any advice to share about the process? Elisabeth, Westfield, NJ A: Inheriting a house can bring some very complex challenges. There is a big difference in how an inherited house should be handled, based upon how you inherit the home. If you were given the house by deed when your relative passed, usually, there is no need to go through probate proceedings. your name should be on the title and therefore you can do whatever you want with the property. If you inherit the house through your loved one’s will, you have to go through probate. You will need to complete that probate process before you can take control of the […]
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