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What happens if you co-signed a car loan and the primary borrower dies?
Wiki User
∙ 17y ago
You are still respnsible for paying should the borrower die.
Wiki User
∙ 17y 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
Does cosigner have to pay back loan if original signer dies?
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
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.
Who pays loan on joint account when only one signed for the loan then dies?
I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.
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 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.
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.
In Wisconsin are persons cosigned on a loan as grantors liable to pay if the primary signer dies?
Yes.
If the primary borrower dies is the cosigner now resonsible for the loan?
Yes, unless the loan is settled by the estate.
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 if a relative cosigns for a business loan and he dies?
my mother cosigned for a leased car for my sister. my mom has died. what do we do with the car? will my sister now be responsilbe?
Does cosigner have to pay back loan if original signer dies?
Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.Yes. That's the reason the lender required a co-signer. They are responsible for paying the loan if the primary borrower does not.
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.
What are the rights of cosigner of inheriting when the primary dies?
Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.Co-signing gives no rights of inheritance unless that is agreed to in writing at the time of the co-signing.It should be noted that if the primary borrower dies and their estate cannot pay the debt, the co-signer will be responsible for payment of property they do not own.
What happens if the primary borrower dies and the cosigner used her home as collateral?
If you are not an owner of the property and yet you cosigned a mortgage then you have volunteered to pay the indebtedness if the primary borrower (assumed to be the owner of the property) does not pay even if the reason they stop paying is their death. Your only hope is that there are estate assets that can pay the mortgage balance or some type of mortgage insurance. One must wonder why you would sign the mortgage when you don't have any interest in the property. You have placed your credit record and your finances at risk. In your case, it seems that you also pledged your own home as collateral for the primary borrower's loan or mortgage. If the primary borrower doesn't pay the mortgage and the bank forecloses then your credit will be ruined and the bank may go after you for any shortfall after the property is sold at the foreclosure sale. In your case, the lender can take your property to satisfy any deficiency. If the owner fails to pay and you don't want to suffer all the damage caused by the default then you must take over paying the debt. You will get no return on your investment. You have obligated yourself to pay for property you don't own.
WI - husband owned house before you married you cosigned loan to refinance but your name is not on the mortgage or deed What happens if he dies He also has 2 adult children Do you lose ownershi?
Usually in these, cases ownership will go to the surviving spouse.
