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What is a reo property?
REO (Real Estate Owned) is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. A bank will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the bank will legally repossess the property. This is usually the case as the amount owed on the home is probably higher than the value of this foreclosure property. As soon as the bank repossess the property, it is listed on their books as REO, and is categorized as an asset (non-performing).
What is vesting of property?
if a property is owned by a corporation where there is a sole officer, is it vested if there is a mortgage on that property?
You are a minor are you responsible for your deceased fathers debt?
Your father's estate is responsible for his debts. If he owned any assets when he died his estate must be probated. You should speak with an attorney.
What does Corporate owned property mean?
a corporate owed home is owned by a corporation to help relocation of employees.
What is it called when money is owned?
Debt.
Do material items have to go through probate?
Yes. Any property owned by a decedent should be probated for distribution to heirs after the debts have been paid.Yes. Any property owned by a decedent should be probated for distribution to heirs after the debts have been paid.Yes. Any property owned by a decedent should be probated for distribution to heirs after the debts have been paid.Yes. Any property owned by a decedent should be probated for distribution to heirs after the debts have been paid.
Can a deceased resident of New Hampshire have their will probated in Massachusetts?
There will should be probated where they owned property. In addition, their will must be filed for probate wherever they owned real property, even if it was located in more than one state. Estates that pass title to real property must be probated in order to establish legal title.For example, if the person lived in NH and owned property there, the estate must be probated in NH.If the decedent also owned real property in Massachusetts, exemplified copies of the NH probate would need to be filed in the county in Massachusetts where the land is located.If the decedent only owned property in Massachusetts their estate must be probated in Massachusetts.
How do you get a deed to real property if the owner passed away in Texas?
The estate must be probated when the decedent owned real property. You should contact an attorney who specializes in probate law.The estate must be probated when the decedent owned real property. You should contact an attorney who specializes in probate law.The estate must be probated when the decedent owned real property. You should contact an attorney who specializes in probate law.The estate must be probated when the decedent owned real property. You should contact an attorney who specializes in probate law.
How do you determine where the decedent's estate was probated?
A decedent's estate is probated in the county where she/he owned property. Check first at the county probate court where the decedent lived.
When does an heir need legal advice when father dies with no will?
If your father owned any property at the time of his death then his estate must be probated in order for the property to pass to you legally. You should contact attorneys who specialize in probate and request a free consultation.If your father owned any property at the time of his death then his estate must be probated in order for the property to pass to you legally. You should contact attorneys who specialize in probate and request a free consultation.If your father owned any property at the time of his death then his estate must be probated in order for the property to pass to you legally. You should contact attorneys who specialize in probate and request a free consultation.If your father owned any property at the time of his death then his estate must be probated in order for the property to pass to you legally. You should contact attorneys who specialize in probate and request a free consultation.
When does a trust or will have to be probated in Ohio?
Trusts are not probated. In fact, people transfer their property to trusts in order to avoid probate. A trust is managed according to the provisions set forth in the particular trust document. An estate must be probated if the decedent owned any property at the time of death.
Does Massachusetts require probate following a death?
If the decedent owned any property- yes. Real property cannot pass to the heirs legally until the estate is probated.If the decedent owned any property- yes. Real property cannot pass to the heirs legally until the estate is probated.If the decedent owned any property- yes. Real property cannot pass to the heirs legally until the estate is probated.If the decedent owned any property- yes. Real property cannot pass to the heirs legally until the estate is probated.
Do all estates need to be filed in probate?
They need to be probated so that any issues and claims can be determined and settled.AnswerYes. If the decedent owned any property their estate must be probated. The title to real property cannot pass to the heirs legally until the estate is probated.
If there is a will does it have to be probated?
Yes, unless a "trust "was set up along with the will then this person will have to deal with the probate courts. Check out different trusts on-line or call a law firm, the fees are typically low. Good luck Yes, a will must go through probate. Probate is a way to insure that everything gets legally settled. Even with a trust, there can be debts that need to be settled legally to avoid future problems. If there are others, such as children from prior marriages, it can be important to take the legal steps.
Can a will be probated in another state?
Yes, a will can be probated in another state if the deceased person owned property in that state or had other connections to it. The process may involve filing the will in the appropriate court and following the probate laws of that state.
Is a house considered an asset in probate?
If the property was solely owned by the decedent the estate must be probated in order for title to pass to the heirs-at-law.
Is probate necessary for an estate that is left to surviving spouse in Michigan?
If the decedent left any property that was solely owned the estate must be probated. Any property owned as joint tenants would automatically pass to the surviving joint tenant.
