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Can an executor allow a house to be foreclosed on if there is no money in the estate to pay monthly mortgage?
Wiki User
∙ 11y ago
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
Yes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYes. If the beneficiaries want to keep the property then they must pay off the mortgage from their own funds. The executor has no other options.
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Can you as co-executor be sued for the debt of your parent's foreclosed mortgage?
The estate is responsible for the debts of the decedent. The executor is not personally liable. If it is necessary to bring suit the executor's name will be recited as the respondent as the executor of the estate and not as an individual.
Is the executor of the estate liable for mortgage if foreclosure?
The executor is not personally liable for anything. The estate is liable for all of the debts. If the executor is going to inherit anything, there may not be anything for them to get.
Who pays deceased unpaid mortgage?
If there is a will, the executor makes all mortgage payments from the estate of the deceased.
Who pays for mortgage until estate is settled?
The executor of the will would be responsible
When a person with a reverse mortgage dies can the executor give the house to the reverse mortgage company?
The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.The estate must be probated and the executor should ask the attorney who is handling the estate how and when to make the transfer.
If someone is the executor of estate and wants to do a modification on a loan they are not on is that an option?
The decision to allow the executor to modify an existing mortgage is up to the lender. The executor could refinance the property with a new mortgage if allowed by the court.
If a decedents home is left out of their trust is the executor still liable to pay the mortgage?
The home is a part of the estate. It does not matter that it is or is not in a trust. The executor is responsible for taking care of all of the assets of the estate.
Can an executor borrow money to pay a debt of the estate until the property of the estate is sold?
Generally, the executor must petition for a license from the court to mortgage the property unless that power was granted in the will.
Can an executor take out a mortgage on the estate to defend it if the house is the only asset and the will is being contested?
That would be their responsibility, to defend the estate. They can use the assets of the estate to do that.
What is the responsibility of the estate executor regarding a decedent's mortgage?
The estate is responsible for the debts of the decedent. If the family wants to keep the property the mortgage must be paid or the bank will take possession by foreclosure.
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.
Can one be an executor of probate but not the estate?
There is no executor of probate. The executor of the estate executes the will and probates the estate.
