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What past encumberances can exist when buying a foreclosure home etc other debts such as property taxes?
Wiki User
∙ 13y ago
property taxes, lawsuits, senior liens (that were recorded prior to the foreclosing mortgage) such as mortgages, attachments, executions, income tax liens, probate problems
Wiki User
∙ 13y ago
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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.
When can a lien lead to foreclosure?
A real estate lien creates a secured debt by providing the lender or creditor holding the lien with a security interest in your property. Although your mortgage lender attaches a lien to your home as a matter of course, any other real estate liens that attach to the property do so because of debts you left unpaid. In certain situations, property liens can result in foreclosure.
What is the responsibility of the estate executor regarding a decedent's mortgage?
The estate is responsible for the debts of the decedent. If the family wants to keep the property the mortgage must be paid or the bank will take possession by foreclosure.
Are foreclosure sales by Master in Equity in South Carolina subject to the prior Owners mortgage debts and other liabilities being passed on to the auction Buyer or do these old debts get cancelled?
Foreclosure sales in SC are subject to taxes, assessments, existing easements/restrictions of record, and any senior encumbrances. Basically, the mortgage being foreclosed on "goes away" and you are provided with a title to the property that is not warrantied to be free and clear.
Clearing an unreleased mortgage on property if mortgageholder is deceased?
That is one of the primary reasons to open an estate is to resolve such issues and to clear titles. 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 PerspectiveIn a title theory state if the mortgage isn't paid the lender can take possession of the property by 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.
Are the heirs to a property in foreclosure responsible for mortgage?
The estate is responsible for the debts of the deceased. None of the assets can be distributed until the debts have been paid. The bank has a prior lien on the property. The foreclosure of that mortgage will not affect the heirs in any way except to deprive them of inheriting the mortgaged premises. If the heirs wish to maintain that property then they would need to negotiate with the bank and pay off the mortgage. The foreclosure will not affect the credit records of the heirs.
What happens if a property goes into foreclosure and the borrower is dead?
The executor should be involved. As the estate they have 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.
How can you be responsible for code violations on business property discharged in bankruptcy in 1997 if the mortgage holder will not foreclose?
You are responsible as long as you are the legal owner of the property, Bankruptcy usually discharges certain debts including property related debts. If the mortgage company chose not to exercise their foreclose options then you may still be the legal owner of the property. Depending on the property valuation the mortgage note holder may have determined it more profitable not to proceed with a foreclosure process. Additionally; If fines were already issued prior to a foreclosure, you would still be liable for payment of those fines as well.
When can a lien lead to foreclosure?
A real estate lien creates a secured debt by providing the lender or creditor holding the lien with a security interest in your property. Although your mortgage lender attaches a lien to your home as a matter of course, any other real estate liens that attach to the property do so because of debts you left unpaid. In certain situations, property liens can result in foreclosure.
What is the responsibility of the estate executor regarding a decedent's mortgage?
The estate is responsible for the debts of the decedent. If the family wants to keep the property the mortgage must be paid or the bank will take possession by foreclosure.
Are the surviving adult children responsible for paying off the debts of the deceased - including a mortgage - when there is no estate?
If the decedent owned real estate then there is an estate. The estate is responsible for paying debts before any property can be distributed to the heirs. If the assets are not sufficient to pay the debts then the estate is insolvent. There is a statutory order by which debts must be paid in that case.If the children want to keep the house then they must pay off the mortgage. If not then the bank will take possession of the property by foreclosure. The children are not personally responsible for any debts unless they co-signed or agreed to be responsible.
Are foreclosure sales by Master in Equity in South Carolina subject to the prior Owners mortgage debts and other liabilities being passed on to the auction Buyer or do these old debts get cancelled?
Foreclosure sales in SC are subject to taxes, assessments, existing easements/restrictions of record, and any senior encumbrances. Basically, the mortgage being foreclosed on "goes away" and you are provided with a title to the property that is not warrantied to be free and clear.
Is a will necessary if mother has no property?
She may not have property, but she may have debts. This will allow you to resolve the debts and close out accounts.
Clearing an unreleased mortgage on property if mortgageholder is deceased?
That is one of the primary reasons to open an estate is to resolve such issues and to clear titles. 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 PerspectiveIn a title theory state if the mortgage isn't paid the lender can take possession of the property by foreclosure.
Are adult children responsible for their deceased parent's unpaid nursing home bills?
No. Not unless they agreed in writing to be responsible for those bills. A parent's estate is responsible for paying their debts whether those debts are for a nursing home, credit cards or utility bills. Their property cannot be distributed until the debts are paid. If there are not enough assets in the estate the creditors are out of luck. The exception is mortgages. If the mortgage isn't paid the bank will take possession of the property by foreclosure.
Funds or property that have value in meeting debts are called?
Funds or property that have value in meeting debts are called collateral. A+ answer- assets
