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Is home equity loan prepayment fee applicable if borrower dies?
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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 if you co-signed a car loan and the primary borrower dies?
You are still respnsible for paying should the borrower die.
What happens if the loan borrower dies then the guarantor passes away shortly after?
borrower dies then it is not suitable that amount recovered from gaunter because of person taking guaranty of live person nor death
What is a reverse mortgage and are they safe?
A reverse mortgage is a loan for people 62 or older. It uses the equity of their primary residence as collateral and can be dispersed in a lump sum or in monthly payments. The loan comes due when the borrower dies, sells the house, or moves out for 12 consecutive months. If the borrower defaults, the home can be sold to repay the loan--and this could be a potential concern for applicants.
Is a co signer responsible for parent plus loan if main borrower dies?
Yes.
What are the differences between a reverse mortgage and a home equity loan?
A reverse mortgage and home equity loan are often done for very different reasons. A reverse mortgage is only possible for seniors as there are age restrictions on this type of loan. Therefore, the reason behind a reverse mortgage is to generate some extra income in the retirement years. With a home equity loan, you can take one out at any time for almost any reason.A home equity mortgage is a line of credit based on the amount of equity a borrower has in their property. The borrower must make monthly payments on the balance due. Any property owner can apply for an equity line of credit.A reverse mortgage is quite different and is restricted to property owner's who are at least 62 years old. This is a loan against the value of one's home. The lender makes monthly tax free payments to the borrower. If the borrower decides to sell the property the loan must be paid off. Otherwise, the lender takes possession of the property after the owner dies. The initial fees and costs associated with a reverse mortgage can be very high and borrowers should make certain they are fully informed before signing.
Can a lender repo a car if the borrower dies?
Yes, if those who control the dead borrower's estate do not continue to make the payments. The lender has a lien on the car, no matter who owns it.
What happens to a promissory note when the person it is endorsed to dies?
Let me get this straight, the borrower and lender enter into an agreement and sign a promisory note to secure it. The lender dies, and the debt has not been fully repaid. Easy, the borrower still owes the estate of the deceased lender.
If the primary borrower dies is the cosigner now resonsible for the loan?
Yes, unless the loan is settled by the estate.
What happens to the equity when home owner dies and the home is sold?
It goes into the deceased's estate.
If the primary borrower on a cosigned car lease dies. what happens to the car?
The person who's name is on the Title is the owner of the car.
What happens if you co signed a student loan and the primary borrower dies?
Their going to come after you to pay the debt. YOU CO-SIGNED! That means in the event that the primary borrower can not or does not pay the loan you are responsible to pay that loan. There is no way around that.
