The Challenges of Probate
Foreclosure in New Jersey
Quite often, especially in cases of reverse mortgages, lenders will start the foreclosure process immediately following the death of the property owner. Not only are you now faced with the legal process of requiring probate, but in addition also with the challenges of your lender foreclosing at the same time.
In New Jersey, filing Probate can be a lengthy, stressful, and very expensive legal procedure but still a necessary process to transfer property owned by someone who has passed away.
If a person created a Last Will and Testament, the probate process allows the courts to determine the legality of the Will and ensure the property ownership is transferred correctly. If the homeowner died without a Last Will and Testament, the courts would determine transfer of the property to a relative or a chosen representative for the estate.
