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What loan means your paying back the loan is guaranteed by an asset like a piece of real estate?
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∙ 12y ago
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∙ 12y 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.
If your sibling owes money to your mom at the time of your moms death does she have to pay it back to the estate.?
That will depend on the will, if there is no will and no signed document then the answer is "no" There MUST BE PROOF that the debt is owed in the first place!!! Your sibling absolutely has to repay the debt to the estate, especially if there is no will. In fact, the only way your sibling can get out of paying the debt is if there IS a will and the will specifically forgives the debt. The debt is an asset of the estate and must be collected by the executor. If your sibling is the executor, she still must pay it back. Frequently, in situations like this, the debt is not actually paid to the estate. The person owing the money simply has his or her inheritance reduced by an appropriate pro rata amount depending on the circumstances. If there is no signed document evidencing the debt, it must still be repaid if the debt can be proved by other means.
What does the term finance lease mean?
The Term "Finance Lease" means that the customer will pick an asset such as a vehicle and the lender will purchase the asset. The customer will be able to use the asset while they pay installments or rental fees, with the option to purchase the asset.
What does pay yourself first mean?
Pay yourself first means to always set aside some money for savings. The acts of paying bills or shopping are activities that pay others, even if the money is spent on some recreational endeavor, or for the purpose of buying essentials like food, it is money that has ceased to be an asset. Money that is saved remains an asset, collecting interest and growing one's net worth.
What is the responsibility of the estate executor of a deceased co-signer on a mortgage?
Usually all monies of the deceased are frozen for a period of time, then Probate takes place. This means that all monies owing (bills, loans, etc.) are first taken off the Estate. In the case of co-signing the banks should be able to give you more information. Either the person that the deceased co-signed for continues to pay the Estate money owing, or if they have stopped paying on the loan then the loan is a debt and will be taken out of the deceased Estate. No one should ever co-sign (not even to a relative or close family) because the co-signer has total responsibility for paying that loan off. Good luck Marcy
What is Asset Reconciliation?
Asset Reconcilation means reconcilation of asset, verifying the asset with the available cash.
What is distribution in kind?
Distribution of asssets "in kind" generally means that the asset itself is distributed to a beneficiary as opposed to the asset being sold with the cash being distributed. An example is where an estate has physical assets like stock certificates or real estate. The beneficiaries can normally request that they get the certificates or property (in kind) or that those assets be sold by the executor with the cash being distributed.
What does real estate lease type mg mean?
Modified Gross. Means the Landlord is paying all or some of the taxes, utilities, insurance and/or maintenance
In real estate what does MOL mean?
It means more or less such as 5 acres more or less. From my experience it almost always means less so get a proper survey before paying for land that's not there.
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.
What is difference between fixed asset and non current asset in detail?
assests means
What decreases an asset and liability?
Decrease in asset means being using of it decreases and liability decrease means payable of debts decreases.
What is useful life of an asset?
Useful life of an asset means the time for which any asset is usable in business for generating revenue for business.
What does MG mean after the rate for square foot price on real estate?
Modified Gross. Means the Landlord is paying all or some of the taxes, utilities, What_does_real_estate_lease_type_mg_meanand/or maintenanceRead more: What_does_real_estate_lease_type_mg_mean
Is stock a financial asset?
If stock means investment in stock of other company then yes it is fianancial asset for business.
What is closing entry of asset?
closing entry of an asset means the adjustment entry we do on the last day of accounting year.
What means is 'mortgage value' as related real estate?
what means 'mortgage value' as the real estate property
