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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.

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โˆ™ 2008-03-27 17:15:11
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Q: What happens to a loan on a car when the loan holder dies and there is no cosigner or insurance on the loan?
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Related questions

What happens to a home insurance policy when the holder dies?

the house is paid off and given to the beneficiary


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.


What happens if a cosigner on a student loan dies?

your left with the full bill as there is nobody else to charge


What happens if the policy holder dies?

If the owner of an insurance policy is deceased then is should be listed as an asset when it comes to distribution. If the insured dies, then any value would be passed on to any listed beneficiaries.


If a life insurance policy owner dies what happens to the policy?

if the owner of a life insurance policy dies and the policy is on her son. What happens to the ppolicy and is it part of the estate.


What happens if the beneficiary dies?

The next of kin to the policy holder will get paid for the policy.


What happens if someone dies and has no beneficiary on his life insurance policy?

In that case, the money will be kept deposited with the insurance company as unclaimed amount. In absence of the beneficiary, the insurance company can pay the money to the legal heir of the policy holder, but that has to be sufficiently proved in the Court of Law.


What if primary account holder dies and there is a cosigner?

The co-signer will be required to pay off the debt. That's what they agreed to when they co-signed so that the primary could get the account.


Does house insurance cover a mortgage if the holder dies?

NO Home Owners insue covers the Home. You might look to Mortgage Insurance for paying a mortgage.


What is the death benefit in life insurance?

When the policy holder dies, his nominated person gets the proceeds in the form of sum assured plus accumulated bonus, loyalty addition if any from the insurance company where from the policy was bought by the policy holder.


What happens if beneficiary named on life insurance policy dies before the policy holder?

The policy holder has the choice to change the name of the beneficiary at any time, including after the death of a named beneficiary. If the policy holder doesn't change the name of the beneficiary after the beneficiaries death, depending on what state you live in it goes to next of kin.


Is a cosigner on a credit card responsible after the primary dies?

Yes.

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