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Who is responsible for a loan if both the borrower and guarantor have died?
Debbieneal33
The estates are responsible for the debts of the decedents.
The estates are responsible for the debts of the decedents.
The estates are responsible for the debts of the decedents.
The estates are responsible for the debts of the decedents.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoThe estates are responsible for the debts of the decedents.
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Who is responsible for School debt after death?
The borrower, i.e., the person who signed the note, is responsible for payment. If the borrower has died their estate is responsible. If there is no estate the creditor is out of luck. If there was a co-signer then they will be held responsible for paying the debt.
What are the legal rights if someone co signs for a car and dies before the note is paid in full?
== == * Many people do not realize that by co-signing you are also a borrower on the loan; so even though the other borrower (co-borrower) may have died, you are now solely responsible for repayment of the debt. == == * If the note is secured by a mortgage on real estate that the borrower owned, the borrower's estate may have an interest in the property that can be liquidated to pay off the loan. Life insurance may also help protect a co-signer from bearing the entire burden in a situation like this.
In the state of Maryland both parents died there is no will are the surving children responsible for mortgage on the house?
No, the estate is responsible for the mortgage. This sounds like a case for getting the estate set up and get the house sold as quickly as possible.
My Step-father died am i responsible for his debt?
No, you are not responsible for his debt. His estate has that responsibility.
Why do Saint Peter and Saint Paul share the same feast day?
Both Peter and Paul were responsible for expanding the Christian faith and establishing the Church in Rome. Both died as martyrs in Rome, some say on the same day.
What happeens to murcutio in what ways is romeo partially responsible?
he died
Will you be responsible for your mothers outstanding dept if she died without any assets?
No. Unless you agreed in writing to be responsible for your mother's debts, her estate will be responsible. If there is no estate the creditors are out of luck.
Are extended family responsible for debts of a person who died with no Will in California?
No, the estate is responsible for the debts, not the family. Even without a will, an estate can be opened.
Are you responsible for your wifes credit cards in her name only after she died all other accounts and asset were in both names?
Probably. In most cases the debts of the deceased are the responsibility of the estate. Anyone that was also a co-signer on any of the agreements might also be responsible. Consult a probate attorney in your jurisdiction for help.
Who killed Caesar's parents?
No one killed Caesar's parents. They both died of natural causes.No one killed Caesar's parents. They both died of natural causes.No one killed Caesar's parents. They both died of natural causes.No one killed Caesar's parents. They both died of natural causes.No one killed Caesar's parents. They both died of natural causes.No one killed Caesar's parents. They both died of natural causes.No one killed Caesar's parents. They both died of natural causes.No one killed Caesar's parents. They both died of natural causes.No one killed Caesar's parents. They both died of natural causes.
What does it mean when your name is not on the deed but it is on the mortgage?
It means that you have promised to pay for real property you do not own. It means you are fully responsible or paying the mortgage if the primary borrower, the owner of the property, fails to make the payments. If you are not an owner of the property and yet you signed a mortgage then you have volunteered to pay the indebtedness if the co-mortgagor (assumed to be the owner of the property) does not pay. 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. If the owner 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. If the owner fails to pay and you don't want your credit ruined then you will need to take over paying the debt. If you help to make the mortgage payments the owner could toss you out at any time. You will get no return on your investment. You have obligated yourself to pay for property you don't own. **** The above is completely wrong. If you are on the NOTE and not the deed then you agreed to repay the debt with no interest in the property. If you are on the mortgage it only means that you agree to give up any rights to the property if it is foreclosed on. The mortgage is not an obligation to pay the Note is the obligation to pay.
If my dad and i hada joint bank account and he died am i responsible for the debt?
The survivors of a decedent are not responsible for his debts unless they co-signed a loan with him. So no, you are not responsible simply because you had a joint bank account.
