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What happens if the death of the borrower is not reported to the lender?
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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
What happens when someones dies and leaves you a house with a mortgage?
What can happen and what will happen are often very different. Technically, death of a borrower is a "default event" for most mortgage loans, meaning that the bank can call the loan due and payable. This would typically force the inheritor to sell or refinance the home. However, if there is no interruption in payment, the lender may not be aware that a borrower has passed away for some time. The best thing to do is decide what will be done with the home. If it will be retained, refinance the loan once the ownership has been transferred legally to you. If you want to sell the home, you may continue making the payments while you market the home without involving the lender until you are ready. Remember that the lender does not know who you are, so be prepared to send any Will or Trust documents along with death certificates to the lender.
Does Suicide be legally reported when it happens in a Illinois hotel?
Suicide is a death and all deaths must be reported. A death in a public place, such as a hotel/motel, needs to be reported to law enforcement because the cause of death needs to be determined. After all, it is possible to stage a murder to look like a suicide.
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
What happens in NJ if you comment you have thoughts of death of suicide?
You have a good change of being turned in to the police or being reported.
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.
What happens when the person paying the mortgage is not on the mortgage and the original mortgagor dies?
Most likely, nothing, as long as the payments continue on time. If the payments stop, the lender with foreclose on the property and the borrower's estate will be impacted. The payments are still due beyond the death of the borrower - they become the responsibility of the borrower's estate. An equally important question is who is now the legal owner of the real estate. If the decedent didn't transfer the property to a survivorship tenancy with another, their estate must be probated in order for title to pass to the heirs at law or under the terms of the will. An estate of real property must be probated in order for title to the property to pass to the heirs legally.
Can the lender sell the home after your fathers death?
yes
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.
When a cosigner on a vehicle loan dies does the vehicle become a part of the deceased's estate or can it be repossessed by the lender if all the payments are current.?
Get a death certificate and get him off of the loan. He is the secondary on the loan, not the primary so you are o.k. if you keep the payments current. Y-THINK-Y * The vehicle would not be subject to probate procedure. However, it would be the lender's decision as to what should be done concerning the loan. The lender could repossess the vehicle if another cosigner is needed and there is no one willing to take the responsibility. The other option for the lender would be to require the primary borrower to refinance the car in their name only. Many lending contracts will include clauses that relate to such situations, (death, divorce, etc.) that allow the lender to take almost any type of action to insure the security of the property.
What other death is reported by Montague?
his wife
Where was the first cases of the black death reported?
Asia
