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Will my credit be affected by my deceased parents' home being in foreclosure since I am an heir?
No. You never agreed to pay the debt, therefore cannot be held responsible.
Who is responsible for a property still in the foreclosure process once you vacate the premises?
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
Who is responsible for mortgage on an estate foreclosure?
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
If your father and stepmother are both deceased and left their home to you and your siblings are you responsible for the mortgage or foreclosure of the property?
Because the property was not owned outright by the deceased persons being willed the property are responsible for the debt attached as well. If they do not want to take the financial responsibility of paying the debt or selling the property they can allow it to be included in the probate procedure and therefore are not responsible for foreclosure or other litigation connected to it. yes, you are responsible otherwise you lose the house you don not get it free just because someone dies. only the person named as heir to the house has to pay. just did this.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
Will my credit be affected by my deceased parents' home being in foreclosure since I am an heir?
No. You never agreed to pay the debt, therefore cannot be held responsible.
Who is responsible for a property still in the foreclosure process once you vacate the premises?
You are responsible for the property during the foreclosure process up until the property is sold or auctioned.
Once your home goes to foreclosure is the home owner responsible for any taxes?
Answerregardless the house goes into foreclosure, you are still responsible for any unpaid taxes and you are also responsible for any liens.Once the foreclosure sale has taken place you are no longer responsible for the taxes. In most if not all jurisdictions the property taxes run with the land.
Who is responsible for mortgage on an estate foreclosure?
The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.The estate is responsible for the mortgage.
If your father and stepmother are both deceased and left their home to you and your siblings are you responsible for the mortgage or foreclosure of the property?
Because the property was not owned outright by the deceased persons being willed the property are responsible for the debt attached as well. If they do not want to take the financial responsibility of paying the debt or selling the property they can allow it to be included in the probate procedure and therefore are not responsible for foreclosure or other litigation connected to it. yes, you are responsible otherwise you lose the house you don not get it free just because someone dies. only the person named as heir to the house has to pay. just did this.
Are you responsible to pay the mortgage after foreclosure?
No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.
What if your mother passed away on June 24th Her house started the foreclosure process on June 10th Since foreclosure began before her death is the estate responsible for her debt on the house?
Any heir wishing to keep the house must pay off the debt. However, if no heirs desire to keep the property, then the estate will not be liable for a deficiency if the house is being sold under a trustee's sale. If the foreclosure is court ordered, then the estate and heirs can be held liable for a deficiency.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
Who has to pay the bills of the deceased?
The "estate" or the heir. But the heir's responsibility is limited to the amount of money in the estate. In other words, the heir does not become responsible for all the debts personally as if they were his own. The estate, but not the heir. The heir has no liability for the debt - the debts might only go to reduce the amount the heir might get.
Why am I being sued after foreclosure?
If it sold for less than you owe on the mortgage and costs associated with the foreclosure, you can be held responsible in some states for the balance. You might consider seeking advice from an attorney who works with homeowners who face foreclosure.
Is an adult child of a deceased parent responsible for foreclosure debts?
Not unless they were listed on the deed of the property that was foreclosed. The estate is responsible for settling the debts.
What happens if when cosigned mortgage loan goes into foreclosure?
The foreclosure is reported under the names of the primary borrower and the co-signer. The co-signer is equally responsible for paying the loan.
