New York  |  Wills and Trusts

Legal Question

Asked on: 9/12/13, 1:10 pm

There is an estate without a will. The heirs by default do not want the land in the estate so will renounce inheritance of the land. There is also a bank that has started a foreclosure proceeding of 1M on the property but the bank does not want to take title for some reason. When the heirs renounce their inheritance of the property, who will own the property? Will the bank be forced into taking title or removing the lien?

1 Answer

Answered on: 9/12/13, 2:57 pm by Walter LeVine

If no heirs claim, no matter how remote, property will go to the state. The state will probably let the bank take it. The bank will probably foreclose and sell the property at a Sheriff's sale.

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Walter D. LeVine, Esq. 23 Vreeland Road #102 Florham Park, NJ 07932

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