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What happens if a guarantor dies and the loan is defaulted upon?
Griffithsc7
I was wondering the same thing. My father was the loan guarantor of my daughter's college loan, and he passed away a couple of years ago. Letters are still being mailed to an address where he never lived.
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∙ 10y ago
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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
Can a guarantor get their money back from someone who has defaulted on their loan?
No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.
What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
If a minor defaults on a loan does the guarantor have to repay the loan?
The guarantor is liable to pay the entire loan on demand of the creditor plus any collection fees.
What happens if don't pay the car loan?
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
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
Can a guarantor get their money back from someone who has defaulted on their loan?
No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.No. All the guarantor does in a transaction is guarantee that the loan will be paid. They don't get any money back. In fact, they are fully responsible for paying the loan if the primary borrower defaults.
What are the duties of a guarantor?
When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.
If a minor defaults on a loan does the guarantor have to repay the loan?
The guarantor is liable to pay the entire loan on demand of the creditor plus any collection fees.
What happens if don't pay the car loan?
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
What happens to a home if you are not on the loan but on the title-deed and the person on the loan dies?
what happens if your husband dies and i am on deed,but not on loan.am i responsible for the loan and do i keep the house/
What is a grantor on a loan?
A guarantor is the person who agrees to pay on a debt of someone else if the person who guaranteed to pay defaults on the loan. A guarantor is a type of co-signer for the loan.
What is the benefit of getting defaulted loan off of credit report versus paying off defaulted loan?
ask an asian.
What is a person called who signs a loan with the borrower guaranteeing that the loan will be repaid?
A guarantor.
How do you use the word guarantor in a sentence?
His father acted as guarantor when he got the loan from the bank to buy the house.
Can a cosigner on your college loan sue you?
Yes, if you defaulted on the loan.
What happens if you cosign a loan and the other person dies?
yes
