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Not unless there was such language in the promissory note or the lender directed that loans would be forgiven upon her death in her will. Otherwise the debt would be owed to the decedent's heirs.
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∙ 15y ago
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What happens to a loan if the holder dies and there is no insurance or estate?
If there are no assets in the estate the lender is out of luck as to having the loan paid off, however, it can repossess the automobile.
Who would pay the loan if the borrower dies and there is no co signer?
Unless there is insurance to pay the loan the estate of the deceased will pay it. If there is no estate, the lender is out of luck.
If person dies can you settle car loan debt for a less amount after owner dies?
That is a decision made by the lender. It might be possible depending upon the circumstances. For example, the offer made to pay off the vehicle loan is a larger amount than the lender would receive by making a claim against the estate of the deceased.
Does cosigner have to pay back loan if original signer dies?
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
Who pays for a loan on a car if both husband and wife dies?
If the heirs at law want to keep the car, they must pay off the loan. Otherwise, the car would be repossessed by the lender.
Can a payday lender sue you if you were not approved for the loan?
No. If you were not approved for the loan, no loan was made and therefore you don't have any responsibility to the lender.
If a second mortgage is forgiven by the private lender are there tax or income implications?
Yes. And it does not matter that the lender is a private lender. If a debt is forgiven the borrower has in effect received money or something of value without having to pay the money back. Proceeds of a loan are not consider income unless the loan is not paid back. It is like the lender paid you an income or gave you a gift. A loan from a private lender that was secured by a second mortgage and later forgiven can be a sign of mortgage fraud. The 'technique' is sometimes used to obtain a loan from a conventional lender (the 1st mortgage loan) where the 1st loan could not be obtained if the lender's underwriter was told the 2nd was going to be forgiven. Documentation in the public record of a possible fraud. Maybe not that likely to be noticed but no less illegal.
What is a private loan lender?
A private loan lender is a lender that is acting on behalf of a privately owned organization or business, as opposed to a government regulated or non profit lender.
Can you pay off your auto loan to the lender?
Yes when you pay off your auto loan the payment should be made to the lender. In fact all auto loan payments should be made to the lender who financed the loan.
What are some items needed when going to apply at a commercial loan lender?
Some items that are needed when going to apply at a commercial loan lender are your loan application, and a resume. These items are essential when applying at a commercial loan lender.
If your mom dies owing on car loan can you take over payments?
No, you cannot do that unless the lender agrees to it. The estate needs to contact the bank and inform them of the death. And then they can make arrangements to see if the loan can be transferred.
Where is the best place for a secured loan?
A secured loan is a loan where you will be required to use your property as security against the loan, so the lender is able to balance the risk of lending to you. The amount that can be borrowed differs from lender to lender and your individual circumstances.
