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.
Yes, you can walk away from a mortgage and not be liable for a deficiency (even in recourse states) if the mortgage was listed in the bankruptcy.
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
Only if the foreclosure is a court-ordered foreclosure.AnswerThe mortgage is extinguished by a foreclosure proceeding and sale but you may be liable for any deficiency and costs relating to the sale.
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
Yes. The best thing would be to either get the house in the divorce, or get everything, including the mortgage, signed over to your soon to be ex.
When you die leaving your estate to your children they are liable to pay the tax or mortgage etc and if the property is then rented to another by your children they are still liable for the taxes on that property and not the tennant as they pay the rent to the children for the privelidge of having full use of the property but the property remains under the ownership of your children and it is the owner that is liable for the payment of taxes mortgage etc
The living trust has a trustee, not an executor. The will is a separate process and you would be the executor.
There is no reason that they can't. They are responsible to maintain the estate. If the rent was below market value, they could actually be held liable for reducing the value of the estate.
The transfer is done by the executor of the estate once the estate is settled. The will indicates who gets the rights in the property, but they are still subject to mortgage and liens and other items.
It's my understanding that when you sign a reaffirmation agreement, you then become liable once again for the loan. If the home was included in the bankruptcy, but no reaffirmation agreement was signed, you can "walk away" from the home at any time after the discharge and you're not liable. I've been told that the mortgage company will report it as a foreclosure though.
For information, here is the link to the IRS's Publication 936 regarded Mortgage Interest Deduction rules for 2007. They'll probably be similar in 2008.http://www.irs.gov/pub/irs-pdf/p936.pdf"You must be legally liable for the loan. You cannotdeduct payments you makefor someone else if you are not legally liable to make them."best wishes
No, the executor still has to inform the debtors of the insolvency. And taxes still have to be filed and the court satisfied.