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How do co-signers on car loans get off the loans when the other signer dies?
Wiki User
∙ 13y ago
The only way you will get off the loan is to pay it off. If the other owner died, then you are now solely responsible for the loan.
Wiki User
∙ 13y ago
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Is a co-signer responsible for the loan if the main borrower dies?
Generally, yes. That is generally the purpose of requiring a co-signer for any loan. In the US, the answer may be no if the loans are federally guaranteed student loans. Once the borrower dies, the government will forgive the loans. Contact the Ombudsman's office with the Department of Education.
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.
What happens if co-signer of a student loan dies?
The other signer is responsible.
What happens to the car when the co signer dies?
If a co signer of a car dies, the other person on the contract is still responsible for payment. The person who is deceased is no longer responsible for repayment.?æ
In case of death of lonee or guaranter of education loan who pays the loan back?
In the US, if the loans are Federally Guaranteed then the loans will be forgiven by the Government is the loan holder dies. If it is a co-signer that died, then the loans still need to be repaid. If the loans are private, then they still need to be repaid.
What happens if you are a borrower and the co-signer dies?
If the co-signer dies the surviving borrower is responsible for paying the loan.
What happens when co-signer dies?
Nothing - the other signatory is still responsible for whatever it is that was agreed to.
What happens to a student loan when the borrower student dies?
According to www.studentaid.ed.gov/students/attachments/siteresources/RepayingYourStudentLoansEnglish2003_04.pdf Death of the student cancels Perkins loans, FFEL/Direct Loans. Stafford and Plus are included. Not sure about private loans.
If you are a co-signer and the other person dies are you still responsible for the debt?
Yes, that is the whole point of co-signing. Someone has to cover the debt. If one person dies, defaults or goes bankrupt then the co-signer is responsible. In death the estate is still responsible for the debt. If there is nothing left then the co-signer has to cover it.
What if the borrower dies and there was a co signer?
The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.
What if the borrower dies and there was a co-signer?
The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.The lender will go after the co-signer for payment.
What happens when a co-signer on mortgage dies would the estate for the co-signer have to pay off the mortgage?
if your on the title be prepared to take over the payments.
