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Is a heir to an estate responsible for paying off a mortgage after being named as the executor of the estate?
Wiki User
∙ 13y ago
Once they have been appointed by the court the executor must pay the debts of the decedent before any assets can be distributed. Generally, if the mortgage isn't paid the lender will take possession of the property. If you want to keep the property you must arrange to pay off or refinance the mortgage.
Wiki User
∙ 13y ago
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Are heirs responsible for deceased parents mortgage debt?
No, the executor is responsible to insure the estate is taken care of. Them means either selling the house or paying off the mortgage. One way or another the debts have to be resolved before the estate is closed.
Is personal representative responsible for mortgage of estate?
They are responsible for paying it from the estate's funds. They do not have to pay it personally.
If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
Can a remainder interest owner be held responsible for paying a mortgage?
If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
Is the executor responsible for paying all taxes on an estate?
The estate is responsible for paying all taxes. The executor is responsible for making sure that the estate does so.
Are heirs responsible for deceased parents mortgage debt?
No, the executor is responsible to insure the estate is taken care of. Them means either selling the house or paying off the mortgage. One way or another the debts have to be resolved before the estate is closed.
Is the executor responsible for the lawyers fees?
The estate is responsible for attorney's fees. The executor is responsible to pay the debts of the estate before any property can be distributed. If the executor mishandles the funds they will be personally liable.
Is personal representative responsible for mortgage of estate?
They are responsible for paying it from the estate's funds. They do not have to pay it personally.
In Texas what is an executor of a will responable for paying until the will is probated of the home of the estate?
Personally they are not responsible for anything. As the executor of the estate, they are responsible for maintaining the estate so most utilities are going to be good.
If the debt is greater than the assets of the estate is the executor responsible to pay off the remaining debt?
Generally no. The estate is responsible for paying the sole debts of the decedent. If on the other hand the debts are owed jointly with the person who was appointed the executor then that person is still responsible for paying them.
Is a executor liable for any bills?
The executor is not personally liable. They are required to use the estate funds to resolve bills.
Can a remainder interest owner be held responsible for paying a mortgage?
If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.If they signed the mortgage they are responsible for paying it. Generally the holder of a life estate who wants a mortgage on the property must obtain the written consent of the remainders for the mortgage to be valid as against the real estate. The written consent is the same as cosigning the mortgage.
Is excutor of estate responsible for paying the prior homeowner association fee?
Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.
My mother is deceased I am the executor of her estate there was a mortgage on a mobile home and my name is not on the loan so if the mortgage company forecloses am I liable for the loan amount?
If the mobile home and mortgage are in your mother's name alone then you are not personally responsible for paying the loan. However, your mother's estate is responsible for her debts. If the loan isn't paid the bank will foreclose on the property and is entitled to any other assets if there is a deficiency.
Can the executor of estate be held liable for taxes owed if estate is solvent?
The executor is responsible for paying any debts, including taxes, owed by the decedent before any assets can be distributed. If the debts are not paid and assets are distributed the executor can be held personally responsible.
Is the Executor of the Will responsible for paying the debts of the deceased?
Yes. That is one of the duties of the executor. The debts must be paid out of the assets of the estate before legacies are paid to the beneficiaries.
