Texas estate question?

Question

My step father recently passed away. His estate included a home with 40k remaining on the mortgage, and a car with 16k remaining on the note. The home is valued at greater than 100k so it can be refinanced. The car is valued at 12k which means my mother is left upside down in the car note.

My mothers name does not appear anywhere on the car, not on the title or the loan. Her name is not on the mortgage but it is on the deed.

She wants out from under the car, but wants to refinance the balance on the home.

Everything he had was given to her in his will.

That said, now here are my questions.

If she allows the vehicle to go back by voluntary repossession, it will obviously be sold and they will send a bill to the estate for the balance, I know that and I know there will be a difference of about 4k(ish). Assuming that the finance company files a suit against the estate to recoup the balance, will they be able to attach a lien against the house?

If the house was willed to her, does the value of the house continue to be part of the 'estate'? Or since it was willed to her directly in the will, is it separate?

davidmi711 · Accepted Answer

If she turns the car in to the finance company she will get nothing near 12k for it. She needs to get a hold of the extra 4k so she can pay it off and sell it or refinance the car and keep it.

Kathi S · Answer

In most states it would be part of the estate. None of his assets can be distributed until all of the creditors are paid off, so the estate would have to come up with the balance owed on the car.

Anonymous · Answer

each state outlines what licenses of their state is permitted to do. you won't do an excellent number of something except you're working below the license of a actual assets broking provider out of your state. i individually do no longer comprehend what a actual assets individual with a license is able to do in Texas. you will possibly desire to learn with your broking provider or discover out from the state by potential of way of the internet or by potential of making a telephone call to the dept of tangible assets, or what ever they call themselves in Texas. In California an approved individual might artwork as a assets supervisor with a assets administration corporation. assets administration corporation cope with the two residential residences as properly as commercial residences. those assets managers are paid a sales. they are assigned various job, so as which you will inquire as to what centers you ought to be doing. some green brokers artwork for different brokers noted as assistants till they have gained slightly adventure and then bypass on their very own. the actual assets agent will pay them a small sales. those persons carry open properties, assemble signatures, take listings and different issues that are defined by potential of the guy for which they artwork. i'm hoping this has been of a few use to you, good success. "combat ON"

? · Answer

Her name is on the deed it is NOT part of the estate.

Texas estate question?

Related Questions

Trending Questions