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As an heir to an estate if the house in the estate is foreclosed on will it show up on the heirs credit report since they are listed as a defendants in the Notice of Suit?
Wiki User
∙ 18y ago
Depends on the state... Generally, unless you took over the loan, you should not be held responsible for the debt. Through the process of estate administration, the bank should have been notified of the death, and the mortgage should be satisfied before it gets to your hands. If there isn't enough corpus ($$) in the estate to satisfy the mortgage, the bank may be entitled to repossess the property. However, in any of these scenarios, I can't see how your credit should be impacted by the foreclosure procedures, unless you are on the mortgage and/or deed. * The foreclosure will not appear on the report unless the defendant named has a judgment entered against him or her in regards to the litigation.
Wiki User
∙ 18y ago
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Can a bank attach a unpaid balance to real estate?
Not in Texas. If the unpaid balance is related to your Mortgage then the answer is yes. In this case your home will be foreclosed. an unpaid balance will eventually be reported to the credit bureau.
What has the author Theodore J Dallow written?
Theodore J. Dallow has written: 'How to buy foreclosed real estate for a fraction of its value' -- subject(s): Foreclosure, House buying, Real estate investment 'How To Buy Foreclosed Real Estate' -- subject(s): House buying, Real estate investment, Foreclosure
Can a bank foreclose on a mortgage before the estate is settled?
Yes, if the bank has given notice to the estate representative or the heirs.Yes, if the bank has given notice to the estate representative or the heirs.Yes, if the bank has given notice to the estate representative or the heirs.Yes, if the bank has given notice to the estate representative or the heirs.
What does foreclosed real estate mean?
Foreclosed real estate is a property which may or may not include a domicile that was repossessed by a bank or other lender organization because the original leinholder went into default either directly with the bank or to a third party (i.e. the state)
Mother passed leaving land and house to three children one is the executor are you responsible for credit card debt in Florida?
The estate is responsible for the credit card debt. The assets of the estate cannot be distributed before the debts of the estate are paid. The executor is bound by law to give notice of the death to creditors. You should seek the advice from the attorney who is handling the estate.
How do you collect a lien on property not worth as much as the lien?
In order to collect on the lien, you will need to see a real estate attorney and have the lien foreclosed. In some states, deficiency judgments are allowed (meaning that if the property is worth less than the lien, then any unsatisfied portion of the foreclosure judgment could be executed on other property of the defendants). See the phone book for real estate attorneys who give "free consultations."
Does the furniture go with the condo you foreclosed on?
In a foreclosure ONLY the real estate is affected. Unless the condo was originally purchased fully furnished - the furnishings are the personal property of the owner who was foreclosed on and are not subject to seizure by the lender.
Can cupboards be removed from a foreclosed home?
Not if they are "built-in". Once they are attached to the property they become a "fixture" and become part of the "real estate".
What are the benefits of buying a foreclosed property?
Generally foreclosed properties are cheaper to purchase because the bank is trying to offload them immediately to recoup their lost funds. They are a common entry point for people looking to join the real estate market.
Is there a time limit for a credit card company to file a claim against an estate in Texas once a public notice has been posted?
A public notice does not, under Texas statutes suffice as adequate notification to creditors. They are to be notified by the executor within four months of the probate filing they then have six months to file a claim against the deceased's estate.
How can you buy foreclosed or inexpensive real estate property in Connecticut?
Omg omg idk but i lov ct i waz born there! Find a CT real estate agent and talk to them - they should be able to direct you to the inexpensive real estate listings.
What does reo stand for?
In real estate, REO is the acronym for 'Real Estate Owned". REO asset management companies help mortgage lenders maintain their foreclosed and abandoned properties so that they are viable for sale.
