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If a Dad dies leaving a large bank debt is the estate responsible to pay?
Wiki User
∙ 14y ago
The estate is responsible for clearing all debts. If the assets are not enough, the debtors will not be satisfied. Consult a probate attorney for your location.
Wiki User
∙ 14y ago
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Your husband passed away leaving an estate He had 3 bank loans 2 unsecured your name is not on any loan docs Are you responsible for paying them back?
Well, the estate is responsible for paying them back, so the money will come out of the estate, which will mean that you will inherit less money from it. So in a way, you will be paying back the loans. That or the bank will put a lien on the property to secure their debts.
Who is responsible for my deceased 51-year old son's mortgage on his home?
The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.
Who is responsible for a deceased parent's bank loans?
The parent's estate is responsible for the loans. If there are no cash assets to pay the loans the lenders will take the property such as real estate or a vehicle.
Can a deceased person earn dividends on a bank account?
The estate can earn dividends on a bank account. The executor is responsible for making sure this happens and it gets included in the estate.
My mother died leaving me her executor. She had several bank accounts left itf for her children. Are these funds part of the estate?
Yes, the bank accounts are a part of the estate. The need to be valued and included in the assets.
If a persons owes on a truck and dies leaving no estate can the bank sue?
The bank doesn't need to sue. If the truck loan isn't paid the bank can/will repossess the truck.
What if administrator of will dies then you find out she mishandled funds can you go after bank?
The bank isn't responsible for the management of funds. You would need to pursue the administrator's estate.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
Who is resposible for the loan if the title is in the deceased name only?
The estate is responsible for the loan. If it is not paid the bank will take the property.
Who is responsible for your debt after your death if you own property that is upside down?
The estate will be responsible for the debt. If there are not enough assets in the estate to cover the difference, someone will not get paid. The executor will have to figure out how to satisfy as many of the creditors as possible and get the approval of the court. The bank may lose out.
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.
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.
