Typically if it's not an in-house agent of the lender, it's either a mortgage banker or a mortgage broker.
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.
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.
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.
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.
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.
Yes, unless the loan is settled by the estate.
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.
Backing a real estate mortgage involves using the property as collateral for the loan, securing it until 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.
The first duty of the estate is to pay all outstanding amounts due. However, it sounds like the other borrower would have the responsibility to pay the truck off if a quitclaim was not signed at the time of divorce, which would leave the ex with no responsibility or ownership.
because it benefits both the lender and borrower.
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.