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What happens to a bank loan when a person dies?
If the loan is secured, then the collateral is returned to the bank. If the loan is unsecured, like a credit card, then the bank submits the balance to the estate of the deceased.
Can a bank garnish your wages from a Texas repo?
Yes, if they have or obtain a judgment against you for the outstanding balance of the loan, plus collection fees, legal fees, repossession fees, storage fees, auction fees, and any unpaid balance. Essentially, you could end up owing much more than the original loan, and if (when) they obtain the judgment, you will have no say in how they collect it. they can garnish your bank accounts, attach other assets with court order, and garnish your state tax returns as well.
What do you do when some dies with a will and small estate and there is a balance on a car loan?
The executor should talk with the bank. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
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 is a bank balance?
A bank balance is the amount by which a current account is in credit or deficit.
What is bank unclear balance?
The unclear balance is total unpaid earnings for your account (unverified + pending balance).
If someone gave you a car after someone died and you find out that the car has a unpaid title loan. How do you get that car registered in your name?
You pay the balance of the unpaid loan to the bank, request a release of title to the estate of the deceased person, purchase the vehicle from the estate for at least one dollar, do a transfer of title to your name, and register the vehicle.Anything less or different may result in the repossession of the vehicle.
What happens if a property is foreclosed and you have a life estate?
That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate. If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.
What happens to a bank loan when a person dies?
If the loan is secured, then the collateral is returned to the bank. If the loan is unsecured, like a credit card, then the bank submits the balance to the estate of the deceased.
Can a bank put a lien against your house if you cosigned on a car loan that has 1500.00 left on the loan unpaid?
Yes. The bank must get a court judgment and can then record a lien in the land records against your real estate.
How can child support freeze your bank acct when on disability?
They can freeze it if your unpaid balance exceeds the amount specified in the regulations. But, you should file for a modification.see links below
Can a bank garnish your wages from a Texas repo?
Yes, if they have or obtain a judgment against you for the outstanding balance of the loan, plus collection fees, legal fees, repossession fees, storage fees, auction fees, and any unpaid balance. Essentially, you could end up owing much more than the original loan, and if (when) they obtain the judgment, you will have no say in how they collect it. they can garnish your bank accounts, attach other assets with court order, and garnish your state tax returns as well.
Purchasing a short sale and bank wants me to share payment of seller's unpaid HOA fees lien can HOA fees be deducted as part of closing costs?
Assessments may not be tax deductable, depending on the status of the real estate visavis your primary residence. You may be able to reduce the price you pay for the real estate by the amount of unpaid assessments.
What do you do when some dies with a will and small estate and there is a balance on a car loan?
The executor should talk with the bank. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What law does a bank violate when they credit your payment but still take your property?
None. Once you have defaulted on the loan, the lender may take possession of the vehicle or property that secured the loan and apply it to the unpaid balance. It does not matter if you were only one day late, and you paid all but one dollar of the unpaid balance before the property was recovered. Once you are late on most loans, you have defaulted the contract and the lender may take whatever action they deem necessary to secure every cent of the unpaid balance.
If I am a beneficiary of a POD bank account. Can the executor of the estate make me return the funds to estate?
No. The funds belong to you. Payable on Death accounts are not a probate asset. The funds will be paid directly to you by the bank. To collect the funds, you need to obtain a copy of the death certificate and take it to the bank. You must show whatever identification the bank requires. You should obtain an official statement from the bank stating the balance that was paid over to you. You should keep that statement in your important records and provide the executor with a copy. Although the account is not part of the probate assets the balance must be added to the assets of the estate for tax purposes. Therefore, all the executor needs is an official statement from the bank that shows the balance of the account that was paid over to you.
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.
