Legal Question in Real Estate Law in New York
My husband and I own three properties and have credit card debt total owed on all approximatley 618,000. Our income has always been high and we have been able to carry this debt. Approximately six weeks ago, my husband was diagnosed with Pancreatic Cancer. He has minimal life insurance (< 20K) which I have just discovered. His retirement IRA is down to about 30K. There is no way I'll be able to pay the mortgages on the two waterfront properties we bought as investments (which are now for sale as is our home in Virginia). We own a 46' boat with no mortgage which we are living on in NY while he is at Sloan Kettering which should be about 9 months if he lives that long. Is there anyway for me to walk away from the properties if something happens to him without declaring bankruptcy? I can carry the mortgage on our home and don't want to lose that, which is also for sale. His pension also dies with him. He didn't obviously consider what would happen to me if something happens to him and I want to try to figure this out with some help obviously before I am in a position of absolute desperation. We do have a claim in with NYS as he was a first responder and his doctors feel his terrible health problems of the last nine years, including possibly the pancreatic cancer are linked to the asbestos at the World Trade Center site. There is a hearing scheduled in July, but no promises obviously.
1 Answer from Attorneys
To answer you main question, it is possible to "walk away" from the properties but it is a process that must be approved by the bank if you desire to limit or remove your liability. We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
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