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the specifics may vary, but generally, a life estate means that you only have the property while you live. You can still lose the property, though, if you use it to secure a loan and then default on the loan. Call your lawyer.
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∙ 16y ago
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Can a personal loan collect off of a life estate?
A life estate can be valued for sale and can be transferred, so it could be transferred to a creditor to satisfy a personal debt. A judgment obtained against the debtor who holds the life estate can be used to levy on the life estate and have it sold (usually at a sheriff's sale), thus satisfying the debt; assuming the value of the estate is equal or greater than the debt. The problem is the fact that upon the death of the initial life estate owner, the estate terminates and the ownership and used of the property (called the remainder) becomes the property of the remainderman. The person that acquired the life estate, either by voluntary transfer or judicial process, then no longer has the property.
What happens to a lien placed on a property and that person who is owed the money dies?
The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.The debt is owed to their estate.
What is the Statute of limitation on real estate debt?
If the debt is on real property, there is no limit. The debt is a lien against the property and the debtor collects on sale. A lien is valid as long as the property exists, and land seldom disappears.
Who is responsible for debt after a death?
The estate of the deceased. The estate of the deceased is responsible for all debt incurred by the deceased. After all debt has been resolved, any remaining resources are available to the beneficiaries.
My husband is on the deed we are both on the mortgage and he has died. Am I responsible for the debt?
If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.If the mortgage isn't paid the lender will take possession of the property by foreclosure. If you signed the mortgage then you are responsible for paying the debt on your husband's property. You need to consult with an attorney about having your husband's estate probated. If you're not on the deed the property is part of his estate and his estate must be probated in order for title to pass to his heirs.
What happens to mortgage debt when adult children acquire it?
The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.The debt must be paid by the estate. If that's not possible and the children want to keep the property they must ay the mortgage. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
When someone dies and has no will who get the car that is still not totally paid for?
All the property of the deceased goes into an "estate". This estate must be settled, property, debt, etc. Typically what happens if the debt is covered or not more than the property value, then it is up to the individual who wants the items that are available to petition the estate for it, also there is the opportunity to purchase it at an estate sale. You may want to talk to next of kin.
What if you signed mortgage but not promissory note?
If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.If you didn't sign the note that means you are not responsible for the debt. If you signed the mortgage that means you consented to the property being used as security for the debt and if the note isn't paid the lender can take possession of the property by foreclosure.
When A person passes away leaves a lot of credit card debt has some property but small estate no probate court can family wait 2 years before transferring property and be clear of debt?
First of all, there should be an estate opened with the probate court. Otherwise the debt is going to hang around. The estate is supposed to settle debts before property can be distributed. Consult a probate attorney in your state for the details.
Can an executor borrow money to pay a debt of the estate until the property of the estate is sold?
Generally, the executor must petition for a license from the court to mortgage the property unless that power was granted in the will.
What does dcr stand for in real estate?
DCR in Real Estate means Debt Coverage Ratio (DCR) or Debt Service Coverage Ratio (DSCR) it is a widely used ratio in the case of buy-to-let property and in general in commercial real estate investment analysis. You can also review more information by visiting the link in "Related Links".
How do you file a general denial?
How do you file a general answer and/or general denial in a lawsuit for credit card debt? [This is in regard to a civil suit pertainig to life estate property in the State of Florida.]
