My husband died 2 years ago without a will. We have 2 boys and I have been trying to maintain paying the mortgage, but have been struggling to do so. I live in Delaware and I understand that I am in a living estate, but can't refinance without jumping thru major hurdles. What are the legal ramifications if I were to simply walk away from the house and rent something I can afford?
State/Country relating to question: Delaware
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Good morning. Are you on the note?
Not on the note, not on the mortgage, no will.
Thanks. If you are not on the note or mortgage, you have no liability if you stop paying the loan. The only recourse is that the bank does have the right to foreclose on the property under the mortgage documents; but you will have no liability for any shortfall should a foreclosure sale not generate sufficient proceeds to pay the loan in full.
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Just to clarify, this would include no liability to my minor children? Even if we have money coming in from the life insurance? I get that no liability, means no liability, but I just want to be certain. I just feared they could come after me to pay. Don't want to walk away from the mortgage, but they won't work with me.
That is correct. Just stop paying the mortgage and live there until they foreclose.
29 Years Practicing Law - Including Tax and Estate Planning
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