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Answered 2005-11-13 22:03:55
No! That's what a Probate is. Usually lawyers will do the leg work for Probate and this means they will be sure all titles are clear on homes(s) or properties. They also make sure all creditors are paid off and this includes property/personal taxes. mortgages and loans. Because of Probate the mortgage lender would be paid out of the Estate and the residue of that Estate would be left to the Heirs. Marcy
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Can there be only one co-executor?
No, in fact, you can have as many co-executors as needed. However, as you can imagine, the more co-executors you have, the more complicated administering the estate becomes. I always suggest that only one executor is named, followed by an alternate executor if the original executor cannot act, or has pre-deceased the testator.
How does one refinance a home loan?
Refinancing a mortgage can sometimes save money in the long run. Many times the original lender can modify the loan. Other times borrowers can find a new lender to purchase the loan from the original lender.
Who becomes executor of will when original executor dies?
The court will appoint a new executor. It can be another family member, an attorney or a bank.
What happens to a mortgage when home owner is deceased and the home is gifted to a child in a trust?
The mortgage must be paid. When a property has been encumbered by a mortgage the property remains subject to the mortgage even if the title is transferred or the original owner dies. You need to pay off the mortgage or make arrangements with the bank to transfer it to your own name. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
Does the original executor have to be notified if a new executor has been named?
Yes. The court will notify the original executor they have been removed although they should already be aware there are problems with their fulfillment of their duties. If they didn't request to be removed as executor then the beneficiaries requested their removal. They are required to file an account detailing their activities regarding the estate assets. The original executor does not have to be notified if the situation is one where a person during his/her lifetime makes a new will in which a new executor is named.
What to do when person named as executor in a will has not been sent a copy?
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Can a mortgage be discharged if it is assumed by the buyer?
It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.
What is a mortgage loan originator?
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What are the options when a son who is the executor of a deceased father's estate moves the father's ashes from the original cemetery plot owned by the son to a different grave site?
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What is home equity loan refinancing?
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What is tax form 1310?
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Where does one serve legal process on Mortgage Electronic Registration Systems Inc also referred to as MERS?
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How do you fill out release of mortgage document?
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How do you appoint a new executor if the original executor of a will dies?
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How do you change the executor of a will?
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Does the executor over a will need a copy of the will?
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Yes.
How can one get cash out of a home mortgage?
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Can the court require an executor to repay legal fees for removal of another executor?
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