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Can you use the house you inherited as collateral to pay off creditors the estate owes to pay them off?
Wiki User
∙ 10y ago
Yes, this can be done. There may have to be a new mortgage before the property can change hands.
Wiki User
∙ 10y ago
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In Florida can creditors collect from the deceased's estate when the house is held as a trust?
No.
If you inherit a house can creditors take that house to pay outstanding debts?
Most states provide some form of homestead exemption against creditors for your primary residence. However, the amount protected varies by state. The inherited property may be vulnerable to your creditors. Your creditors may seek judgment liens in civil court and may be able to record those liens in the land records thereby preventing a refinance or sale until the liens are paid. You should consult with an attorney, perhaps the attorney who is handling the estate.
Can creditors put a lien on a house that is in a life estate?
Yes, they can place a lien on real estate. That may mean they get nothing if the individual dies, because they can only lien on the rights of that individual.
Can creditors go after a paid-off car in probate if the house is being foreclosed on?
Debtors can go after the assets of the estate. These assets will have to be liquidated to settle the debts.
How do you use the word collateral in a sentence?
The bank required me to provide collateral, such as my car, in order to secure the loan.
If you inherit a house is there a time limit To sell it The estate is under the dollar requirement for taxes IN CA?
No. Once inherited, it is yours to do with as you wish...same as if you bought it.
Who pays for real estate title work on an inherited house given by the executor of the father's estate?
Typically it would be expected that the estate would cover the minimal cost of transferring the title, particularly if the will specifies who is to get it. If the estate does not have sufficient assets to cover the cost, it would not be unreasonable to request the beneficiary to cover it.
What is the best way to change the name of ownership on a house inherited in Florida Is it best to use a quitclaim form to do this?
A quit claim from the estate to the heir is the best way to do it.
Who gets Othello's estate?
Cassio does. After Othello died Lodovico says"take care of the house, and take the Moor's property. You've inherited everything.-(toCASSIO)"
How a mortgage works?
It's a loan in which the house functions as the collateral. If you don't pay your mortgage (fixed amount agreed upon) then you lose your house (the collateral).
Do you pay tax on sale of deceased mothers house?
That depends on a couple things: what taxes do you mean? estate or property taxes? Most states have property taxes, which must be paid regardless of the status of the owner. In 2010, the estate tax was repealed. So, no taxes should be due on the home to transfer it to your mother's heir(s). IRAs in an estate would be handled differently, since the income is tax deferred. Complicating things slightly: if you inherited the house but didn't sell it immediately, you would have to pay a capital gains tax on the increase in the value of the house. Your "basis" in the house would be its value at the time you inherited it; you subtract that from what you sold it for, and pay tax on the difference. If you inherited it 15 years ago, that could be substantial.
What is a large area of land with a large house on it?
a large area of often with a large house on it
