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Can a executor do a loan mod to save the home?
The executor is required to preserve the estate. That may require a loan modification. They can also sell the property.
Do heirs have to pay back a loan taken out by the executor?
No. If an Executor takes out a loan it has nothing to do with the estate he is executing.
If you are the executor and heir to an estate with no will can you take a loan against the said estate property?
If you are the executor and heir to an estate with no will, you can you take a loan against the said estate property, but not right away. Lenders typically will not give you a loan on a piece of property until it is in your name.
What if the deceased did not own their car and the executor would like to take it over?
The estate can sell the car to the executor. They will have to demonstrate to the court that they paid a fair market value for the vehicle. Essentially, the executor pays the estate for the car and the estate settles the car loan.
Is a home improvement loan a recourse loan?
no. why would it be a recourse loan
What happens if a sibling is left in there mothers will as a co-executor but still owed her money on a loan from her?
If the loan is properly documented, the loan counts against their share of the estate. If there is not enough money in the estate to pay off the debts, they will have to repay the loan.
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
What happens to the car when someone passes away?
that depends on whether it is paid off or still has a loan/lean on it. if it is paid off, it must be willed to somebody, or it can be purchased from the estate. if it has a loan on it it can either be givin back to the lender, or the loan can be taken over by the executor of estate. if it is to be bought form the estate it must be sold by the executor of estate. if it is willed to a person and it is paid off you simply have to do the paperwork to make it legally yours. in any case, the best person to discuss this with is the executor of estate, or the deceased's lawyer. they can handle or guide you to your options. just an fyi, the executor is essentially somebody who has power of attorney. they are typically the widow, or somebody appointed in the will.
Can you have both a home equity and a home improvement loan at the same time?
Yes, it is possible to have both a home equity and home improvement loan at the same time. The home equity loan will typically be guaranteed by the value of the property and the home improvement loan will typically be an unsecured personal loan. Ideally, one would use the home equity loan (or line of credit) for home improvement activities in order to write off a portion of the interest paid from their taxes (unsecured personal loans do not get the same tax treatment).
Where can one find home improvement loans with bad credit?
Getting a "home improvement loan" can be tricky if you have "poor", "fair", or "bad credit". To make it easier anyone seeking these loans will want to check with real estate agencies as well as Money Girl, Zillow, and AOL's Real Estate site.
How does someone get a home improvement loan?
A homeowner can get a home improvement loan from a financial institution such as a local or national bank. As in a home loan, similar documentation needs to be submitted along with ensuring good credit.
What banks offer the best home improvement loans?
You can go to your personal bank to apply for a home improvement loan. The most common home improvement loan would be a home equity line of credit which is secured against the equity in your home.
