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P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 33104
Experience:  12+ yrs. of experience including real estate law.
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I am an executer of an estate in Cape Coral Fl. The Estate

Customer Question

I am an executer of an estate in Cape Coral Fl. The Estate ownes an RV. The Estate owes $27,000 on the RV but it is only worth $10,000. If the estate defaults on the loan and the RV gets repo'd. Can the bank come after the home or retirement account owned by the Estate.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  P. Simmons replied 1 year ago.

My name is***** have over 16 years experience in the law. Should you like to chat on the phone I am happy to for a nominal cost. Let me know at any time during our question and answer session if you are interested I am happy to give you more details.

They can...that is, the role the executor in the probate process is to identify all the assets and liabilities of the estate. To pay the valid debts (from the estate) and distribute the remaining assets to the heirs of the estate.

If there are creditors to the estate with valid claims, they can seek to recover from ALL assets within the estate.

While it is true that some assets are exempt from creditors during the life of a person (for example, under FL law, there is a homestead protection law that makes it difficult, if not impossible, for a creditor to force the sale of a home of a debtor) these protections do not apply to estates. So the lender for the RV loan can demand payment from the assets of the estate, including retirement accounts and real property.

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

Expert:  P. Simmons replied 1 year ago.

follow up...wanted to make sure you did not have further questions

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

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