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Good evening,
I'll try to make this as short as I can. When a man and wife both pass away and there is a will, if there are any liens on the property they own and the property is sold but doesn't cover the lien what happens to the rest of the lien? Are the heirs responsible for any upaid bills that aren't covered? thanks in advance for any help. |
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Thanks for your posting, and your brevity. You didn't mention what state your theoretical question involves, and as you know, each state has separate laws.
I can tell you that here in California, liens are extinguished for transfers made under a probate order. So, the property would be sold under the supervision and under the procedures involved in a probate proceeding, and then the proceeds would go to the creditor, with no right to go after the heirs for any deficiency amounts. I hope this helps, and if your case is in California, please feel free ask anytime if you have other questions. Quote:
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The property is worth $300K and the lien is for $375K (more than the value of the property). I was getting close to closing and then the title search revealed the tax lien. Do I have any claims I can bring against the seller's broker (the sellers apparently are illiquid).....
Last edited by Thurstan Lanford : 11-11-2008 at 12:06 AM. |
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