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Yes.
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∙ 11y ago
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What if you owed your parents money and they die and other children want to collect?
The estate has the right to collect. If there is documentation, they may offset the loan against your inheritance.
If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
What happens to your car loan if you die?
The estate has to resolve the loan, either through selling the car or returning it to the lender.
If you have outstanding student loans and die is the estate charged for the student loans?
Actually, that's not true - student loans are forgiven when the student dies.
If you have a judgment against you and you die do the judgment disappear?
No, it is levied against your estate.
Can the borrower of a private student loan change the cosigner during the term of a loan or must she refinance to do that?
AnswerThe short answer is no, you can never change cosigner on a private student loan. If they die, however, it is transferred to you.
Who is responsible for your car loan if you die?
The estate is responsible for settling the debts and accounts of the individual. It may be to the best interest of the estate to sell the vehicle and pay off the loan, or even allow the loan holder to reposses the vehicle. The executor of the estate will have to document and receive court permission regardless of what is done.
Can loans against life insurance policy be considered a debt of the estate?
Loans coming from a life insurance policy are not debts. If you die and you didn't repay the loan, the loan amount plus interest is deducted from the face amount of the policy. If you cancel the policy or let the policy lapse while there's a loan balance, you will owe income taxes on the loan.
Who pays your home equity loan when you die?
Your estate is responsible. If the equity mortgage is not paid the bank will foreclose on the property.
If you owe someone money and they die do you owe the money to their estate?
yes you do, but maybe the heirs will forgive the loan that was made.
What happens if you have judgments against you after you die?
Your creditors can make claims against your estate if you own any property at the time of your death.
Can a student loan be a charge off?
no but you would have 2 pay it back before u die or they just take it
