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Can a cosigner be taken off the loan if the primary applicant dies?
Wiki User
∙ 12y ago
Generally, no. The co-signer would become solely responsible for paying the loan.
Generally, no. The co-signer would become solely responsible for paying the loan.
Generally, no. The co-signer would become solely responsible for paying the loan.
Generally, no. The co-signer would become solely responsible for paying the loan.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoGenerally, no. The co-signer would become solely responsible for paying the loan.
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Is a cosigner on a credit card responsible after the primary dies?
Yes.
If the primary borrower dies is the cosigner now resonsible for the loan?
Yes, unless the loan is settled by the estate.
What if primary account holder dies and there is a cosigner?
The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.
Will my car be taken if my cosigner dies?
Not as long as you make your payments on time. A co-signer guarantees that you will pay your loan off. If your co-signer dies and you don't make your payments the lender will repossess the car and go after you for any deficiencies.
Does a cosigner have to pay the rent when tenant dies suddendly?
I'm pretty sure the cosigner doesn't have to pay it. If the tenant dies suddenly, I wouldn't think his/her family would be obligated to pay the rent, because I'm sure they would move everything out when the tenant dies.
If the cosigner of a home loan dies will the bank go after his estate for repayment?
My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.
Does a cosigner have to replay a federal student loan if the student dies?
Federal student loans do not currently have cosigners. Parents who take out federal PLUS loans for their kids often think they are a cosigner, when they are actually the sole borrower. All federal student loans are discharged if the student dies.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
Who pays loan on joint account when only one signed for the loan then dies?
I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.
What happens when the cosigner dies and the loan is in default?
If the account was secured by what ever was purchased, then it is likely to be repossessed, and regular collection procedures will begin to collect any remaining balance. If the account is unsecured, collections will begin against the guarantor or primary on the account. It is possible that the guarantor may be able to get all or part of the debt covered by any funds available from the cosigner's estate, but this would likely require the assistance of an estate attorney.
What if the cosigner dies Is the estate responsible for this debt?
The loan could be held as a claim against the estate. Such things can cause an estate to take many years to settle.
