Estate Law Questions? Ask an Estate Lawyer.
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.
Are you on the mortgage along with your wife as a co-signer or is it entirely in her name?
Aloha right back... I am sorry to hear of your wife's passing, please accept my condolences.
If she was the only one listed on the mortgage to the property, then the lender can only pursue her estate for any debts. So if you were to simply walk away, then the lender could only come after her estate for any debt owed. If her estate doesn't have any assets then the lender can only foreclose and would get stuck with any deficiency.
So if you walk away the lender can't do anything to you to force you to pay for the mortgage and their sole option would be to come after the estate for payment.
But I'm I not her estate? I got our life insurance and her 401K..
No, her estate is any assets that she owned personally and solely in her name. Life insurance and 401Ks have stated beneficiaries so they pass outside probate and are not part of a person's estate.
So that doesn't change my answer at all... you can simply walk away and there are no negative repercussions to you as long as you are not on the mortgage as a co-borrower.