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Is it illegal to make payments on a car after the borrower is deceased?
Wiki User
∙ 16y ago
The bank needs to know the borrower is deceased. I do not know if they would transfer the loan to you. Make sure your car insurance is also paid up.
Wiki User
∙ 16y ago
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What to do when a co-borrower is messing up your credit?
The only way to distance you from your co-borrower is to make all the payments on time or pay off the loan.
Rights of a co-signer on car if payments arent being made?
He has the right to make the payments or have his credit ruined. DON'T cosign a loan unless you are willing to make the payments if (when) the primary borrower defaults.
Is it fraud if someone continues to make car payments when the borrower is deceased and the loan company is not aware of his death?
Prolly is BUT it depends on the lenders attitude as to what will happen. Best thing to do is contact the lender about getting the loan in your name. lot of variables here.
Does the lender have to notify you as a cosigner if the primary borrower fails to make a payment?
No, but if the borrower misses enough payments, the cosigner will start getting collection calls as well.
Is distributed inheritance from a deceased cosigner's estate subject to creditor action when the primary borrower cannot make the loan payments?
The bank can go after the granddaughter for repayment. * Monies belonging to any persons other than the primary borrower would not be subject to creditor attachment. If the primary borrower received monies from the estate, that would be viewed as an asset if the creditor decided to file suit to recover the debt owed.
Can the co-signer repossess a car deliquent in payments?
It wouldn't be a repossession, but if he has had to make the payments, he could sue the primary borrower and might get possession from the court.
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.
Is it illegal to take a car out of state when you are still making payments on it?
Not as long as you continue to make payments on it.
How does it work when you buy a house for someone and they make the payments?
You should be a non-occupying co-borrower on the note, which means that you will not be living at the residence but you are vouching for the primary borrower in case he/she cant make payments. So basically, your credit is on the line. If you didnt handle the situation in that manner there are numerous other possibilities.
Can the cosigner sell the house if his name is not on the deed and the primary borrower has missed 3 payments?
No. If you are not on the deed, you can't sell the property. The only "right" you have as a cosigner is the obligation to make the payments.
What if your father is a co-borrower on your home you have paid all house payments for last 21 years He had to make payments for two month due to your being unemployed Can he kick me out of my home?
NO!
What happens to a car loan after death?
Money owing on a car loan is still due, and payable by the estate of the deceased borrower. It's conceivable that certain loans may accelerate payments in the event the borrower dies. In any case, the executor of the estate should make payments as they become due, as with other obligations of the deceased. If a conflict develops between the executor and the bank concerning the loan, an attorney should be consulted.
