jonpweaver2
Junior Member
What is the name of your state (only U.S. law)? Kentucky
My father in law recently passed away. He did not have a will, he did own a home which is mortgaged to the max. Other than that no other assets (if you want to classify that as an asset). He did have a couple credit cards with balances on them. He left my wife and her sister an insurance policy. First question do the creditors have any right to the insurance policy? My next question would be what is the responsibility of my wife and her sister to the debt and mortgage? The lawyer they hired said that if they allow the home to go into foreclosure then it would effect each one of there credit. I have never heard of this and would greatly appreciate any advice. Also then would the bank have any right to the insurance policy?
Thank you,
Jon
My father in law recently passed away. He did not have a will, he did own a home which is mortgaged to the max. Other than that no other assets (if you want to classify that as an asset). He did have a couple credit cards with balances on them. He left my wife and her sister an insurance policy. First question do the creditors have any right to the insurance policy? My next question would be what is the responsibility of my wife and her sister to the debt and mortgage? The lawyer they hired said that if they allow the home to go into foreclosure then it would effect each one of there credit. I have never heard of this and would greatly appreciate any advice. Also then would the bank have any right to the insurance policy?
Thank you,
Jon