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What do you do when some dies with a will and small estate and there is a balance on a car loan?
Wiki User
∙ 13y ago
The executor should talk with the bank. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
Wiki User
∙ 13y ago
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What happens to a bank loan when a person dies?
If the loan is secured, then the collateral is returned to the bank. If the loan is unsecured, like a credit card, then the bank submits the balance to the estate of the deceased.
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.
What if a person dies before paying off a school loan?
The estate pays the debt
What happen if a parent dies and they gave the house to there child and took a loan on there home for repairs what happen to the balance of the loan?
the child continue to pay the loan of her his parents
If spouse dies is the surviving spouse obligated to pay the loan?
The estate must repay the loan before assets are inherited. Otherwise, only if they cosigned.
What happens to a bank loan when a person dies?
If the loan is secured, then the collateral is returned to the bank. If the loan is unsecured, like a credit card, then the bank submits the balance to the estate of the deceased.
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 the primary borrower dies is the cosigner now resonsible for the loan?
Yes, unless the loan is settled by the estate.
Does deceased student's estate pay student loan?
If the student dies, the loan dies with him/her. It's all in the fine print of the Master Promissory Note.
If your only surviving parent dies and has an active loan on the home what can you do?
The estate will have two specific choices: Pay off the loan with the money in the estate. Sell the house and pay off the loan.
Do you have to pay a personal loan off if the person dies?
The estate of the person who dies is responsible for paying off the debt.
What if a person dies before paying off a school loan?
The estate pays the debt
What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
The loan must be paid out of the estate (sell of home, life insurance policy, etc...) Otherwise, the estate will be held up in litigation and will not be closed or the beneficiaries will be forced to pay the loan.
If a person sells a car and allows you to pay on installments but the person you bought the car from dies and there is no will what happens to the balance of the loan for the car?
It is paid to the estate of that person and is used to pay his unpaid debts or given to his heirs.
What if the cosigner dies Is the estate responsible for this debt?
The loan could be held as a claim against the estate. Such things can cause an estate to take many years to settle.
What happen if a parent dies and they gave the house to there child and took a loan on there home for repairs what happen to the balance of the loan?
the child continue to pay the loan of her his parents
