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A life estate can be valued for sale and can be transferred, so it could be transferred to a creditor to satisfy a personal debt. A judgment obtained against the debtor who holds the life estate can be used to levy on the life estate and have it sold (usually at a sheriff's sale), thus satisfying the debt; assuming the value of the estate is equal or greater than the debt. The problem is the fact that upon the death of the initial life estate owner, the estate terminates and the ownership and used of the property (called the remainder) becomes the property of the remainderman. The person that acquired the life estate, either by voluntary transfer or judicial process, then no longer has the property.
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∙ 13y ago
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Can you close on the sale of your home with an outstanding personal loan?
If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.
If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
How do you settle a personal guarantee on a commercial real estate loan gone bad?
Happy Birthday!
What is the difference between bank loans and mortgages?
A mortgage is a loan that is secure with real estate or personal property. A bank loan is money that is borrowed with a contract to pay the money back.
What if a collection agency attempts to collect on a home equity loan?
This is a very bad signYou either:Have not been paying and they can Foreclose on your houseThey are trying to scam you and this means that your personal loan info is out there.
Can a personal loan between sister be willed to someone else?
A personal loan is an asset to the estate. As such it can be willed to someone else if there is proper documentation of the loan.
What if you owed your parents money and they die and other children want to collect?
The estate has the right to collect. If there is documentation, they may offset the loan against your inheritance.
Can a debt collector legally come to my home or workplace?
Can a loan company come to your home to collect payment? Personal Loan...
Can you close on the sale of your home with an outstanding personal loan?
If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.If you are the purchaser that would be up to your lender whether it thinks you can afford both payments. If you are the seller, a personal loan has nothing to do with your real estate, so the answer is yes.
Is life insurance considered part of deceased persons estate when money is owed to loan companys?
If the life insurance has a named beneficiary then life insurance benefits are not subject to debtors claims. If there is no beneficiary or the "estate" of the deceased is the named beneficiary, then loan companies can come after the estate.
If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
How do you settle a personal guarantee on a commercial real estate loan gone bad?
Happy Birthday!
What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.
Do you have to pay back a personal loan if the person you borrowed it from died?
You still owe the money. It is an asset of the estate.
Can an estate collect on a loan that was made to someone before the person passed away?
Yes, as long as there is some written proof of the loan such as a promissory note and the statute of limitations hasn't passed.
My sister who had a loan with my parents feels that it is forgiven since they both died. Is the loan now transferred to the brothers and sisters that are equal trustees or is it forgiven?
The debt is owed to the estate. The executor has a duty to collect it. The money can be credited toward her share of the estate if there is enough to cover it.
Do you have to pay a personal loan off if the person dies?
The estate of the person who dies is responsible for paying off the debt.
