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Do you still need to repay a loan to a person who is now deceased?
Wiki User
∙ 11y ago
yes there is no change
Wiki User
∙ 11y ago
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What is meant by a financial hardship in a loan agreement?
Financial hardship in a loan agreement refers to the fact that the person is struggling to repay their loan. They may be struggling to repay to the lender's agreement.
Can a lawyer still bill a deceased person?
Yes, but he is unlikely to get paid. The family of the deceased owes nothing for the decedent's debt load unless they cosigned a loan.
What happens if you cant reach the student to repay your loan?
If a student is unable to repay a loan, then he or she should first talk to their lender. This will give the person a better chance of reaching an agreement, rather than ignoring the payments and defaulting on the loan.
Who is responsible for payments when creditor deceased?
Normally this would fall to the Executor of the Deceased Estate. It is the responsibility of the Executor, to collect all payments and settle all debts of the Deceased. the deceased person's husband or wife.....if they weren't married then the property that the loan is for gets returned to the bank, which technically still owns it because the loan wasn't fully repaid.
What happens when one of two people die and the other can not repay a loan?
Usually when a person cannot repay a loan, the people from the bank will come and take something away from you... maybe your house of your furniture.. any belongings of yours that can make up for your loan.
Do you have to repay a federal student loan?
Everyone has to repay the federal student loans. However some people are eligible, dependent on the job that they get after graduation, to have loan forgiveness for a portion of their loan. In that case they will only have to repay the portion of the loan that is not forgiven.
where can i get a small business loan, that i do not have to repay?
You can take a small business loan, but you will have to repay it or face bankruptcy and having your assets seized. Instead you can pursue a grant, which you do not have to repay.
Are co-borrowers and co-signers the same?
It is my understanding that a co-borrower is a person who will also avail of the loan and shares the responsibility of repaying it, while a co-signer guarantees that the borrower(s) will repay the loan, and will be resonsible for it if the borrower does not repay it.
Is it possible to get a new mortgage on a mortgage free home without income verification?
That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.That is not likely. The main factor in being approved for a loan is not whether there is debt on the property but whether youcan repay the loan. The lender will verify your income to make certain you have the ability to repay the money they loan to you.
What happens if a loan is in default and the co-signer who put up the collateral is deceased?
The person who was "cosigned for" is still liable and the collateral is still collateral, it's just owned by the estate now. Same laws still apply
Who is consigner?
If a lender does not feel comfortable with what they perceive as your ability to repay a loan they may ask that you get a cosigner. The cosigner is a person who would be guaranteeing the loan repayment if you were to default.
Who is a consigner?
If a lender does not feel comfortable with what they perceive as your ability to repay a loan they may ask that you get a cosigner. The cosigner is a person who would be guaranteeing the loan repayment if you were to default.
