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Your mother died and you are the estate administrator you have been paying the mortgage on the house out of the estate while waiting to sell it but there is no more money left Are you responsible?
Wiki User
∙ 13y ago
No you are not personally responsible for the debt. As executor you do need to work something out with the bank. One of the primary reasons to open an estate is to resolve such debts. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Another Perspective
In a title theory state if the mortgage isn't paid the lender can take possession of the property by foreclosure. You should consult with the bank and notify it of the pending sale.
Wiki User
∙ 13y ago
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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.
Who is responsible for your mortgage if you die?
your estate
Who is responsible for my deceased 51-year old son's mortgage on his home?
The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.The estate is responsible for the mortgage. However, if the mortgage isn't paid the bank will take possession of the property by foreclosure.
You are an administrator for an estate can you make a home equity for the estate?
Generally, you need a license from the court to mortgage the property.
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.
Can a bank be sued when it gives a mortgage loan to an administrator of an estate without consent from the beneficiary what are the banks defenses?
To me it sounds unlikely that a bank would give a new mortgage to an estate. How would the bank get its interest paid by a dead person? Did the administrator lie when he/she asked for the mortgage?
Who is responsible for mortgage debt after death?
The mortgage debt is the responsibility of the estate. The mortgage will have to be satisfied before the estate can be closed. Before anything in the estate can be distributed, the debts have to be cleared.
Is the estate administrator responsible for home ins?
Yes. The administrator is responsible for all the property in the estate until the estate has been distributed and closed. If there is real property included in the estate the administrator's duty would include maintaining insurance on the premises until title has been legally transferred to the heirs.Yes. The administrator is responsible for all the property in the estate until the estate has been distributed and closed. If there is real property included in the estate the administrator's duty would include maintaining insurance on the premises until title has been legally transferred to the heirs.Yes. The administrator is responsible for all the property in the estate until the estate has been distributed and closed. If there is real property included in the estate the administrator's duty would include maintaining insurance on the premises until title has been legally transferred to the heirs.Yes. The administrator is responsible for all the property in the estate until the estate has been distributed and closed. If there is real property included in the estate the administrator's duty would include maintaining insurance on the premises until title has been legally transferred to the heirs.
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.
Who's responsible for claims made against the estate?
The executor or administrator, but only to the extent of assets in the estate.
Who pays for mortgage until estate is settled?
The executor of the will would be responsible
Who is legally responsible for a mortgage after death?
The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.The estate of the person who granted the mortgage is responsible for paying the mortgage. If there is no money in the estate to pay the mortgage the lender will take possession by foreclosure. However, if the beneficiaries and heirs desire to keep the property the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.
