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Can a co-borrower sell a home if primary borrower is deceased?
Yes, a co-borrower can sell a home if the primary borrower is deceased, provided they are listed on the mortgage and have legal ownership of the property. The co-borrower will need to ensure that the estate of the deceased borrower is settled and that they have the authority to sell the home, which may involve presenting the death certificate and any relevant estate documentation. It's advisable to consult with a real estate attorney to navigate any legal complexities that may arise during the sale.
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 is it called when property is pledged to assure repayment of a loan?
That would be a secured loan and the property is called collateral.In the case of real estate, the borrower must sign a note and a mortgage.That would be a secured loan and the property is called collateral.In the case of real estate, the borrower must sign a note and a mortgage.That would be a secured loan and the property is called collateral.In the case of real estate, the borrower must sign a note and a mortgage.That would be a secured loan and the property is called collateral.In the case of real estate, the borrower must sign a note and a mortgage.
Can a lender repo a car if the borrower dies?
Yes, if those who control the dead borrower's estate do not continue to make the payments. The lender has a lien on the car, no matter who owns it.
How can a cosigner sue estate of deceased borrower?
To sue the estate of a deceased borrower as a cosigner, you would need to file a claim in probate court against the estate. The court will then determine if the debt owed is legitimate and if the estate is liable to pay it off. It is advisable to consult with a probate attorney for guidance through this process.
What happens to parent plus loans in the event of the borrower's death?
In the event of the borrower's death, Parent PLUS loans are typically discharged, meaning the remaining balance is forgiven and the responsibility for repayment does not pass on to the borrower's estate or family members.
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.
Who is responsible for paying off a Parent PLUS loan if the parent borrower passes away?
If a parent borrower passes away, the responsibility for paying off a Parent PLUS loan typically falls to the borrower's estate or the student who benefited from the loan.
What is predatory?
Predatory lending is when a real estate agent convinces a borrower that they should obtain a loan. The loan usually has unfair and fluctuating rates and they prey on the borrowers need and desperation even if the borrower does not have the means to repay the loan.
If the primary borrower dies is the cosigner now resonsible for the loan?
Yes, unless the loan is settled by the estate.
How do you back a real estate mortgage?
The collateral for a real estate mortgage is the real estate itself. If the borrower defaults the lender can take possession of the real estate.
If the cosigner of a home loan dies will the bank go after his estate for repayment?
My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.
