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The estate pays the cost to maintain the estate. The house may have to be sold if the mortgage cannot be paid. If someone wants the house, they may wish to pay the mortgage.
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∙ 14y ago
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Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
Do you own the house if your name is on the deed but not the loan?
Well i don't know much about loans but i can say that the one who pays the EMI's of the complete loan of the house naturally the house will belong to him.Let us take an example of joint loan:Suppose a joint loan is taken by a mother and a son but the mother is unable to pay it's one of the EMI so his son pays the all the loan then it is quite natural that the house will belong to son only.
What do you call it when someone pays back a loan quickly?
A sudden debt pay off is when someone pays back a loan quickly.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
Who pays back a reverse mortgage loan?
At "payback time" (the death of the last surviving beneficiary of the reverse mortgage) the house belongs to the bank.
Do you own the house if your name is on the deed but not the loan?
Well i don't know much about loans but i can say that the one who pays the EMI's of the complete loan of the house naturally the house will belong to him.Let us take an example of joint loan:Suppose a joint loan is taken by a mother and a son but the mother is unable to pay it's one of the EMI so his son pays the all the loan then it is quite natural that the house will belong to son only.
What does it mean to hold paper on a house?
To "hold paper" on a house means to hold a mortgage or loan on the property. Essentially, it refers to the legal ownership of the property by the lender until the borrower pays off the loan.
What insurance pays off a house in case of a spouses death?
Credit Life Insurance.
Who pays the car loan after death?
The executor is required to resolve all loans and debts. If there are co-signers on the loan, they may be held accountable. If there are not enough assets to pay off the debts, they are not resolved.
What do you call it when someone pays back a loan quickly?
A sudden debt pay off is when someone pays back a loan quickly.
Who pays the loan if a car is repossessed?
The one who BORROWED the money and/or the on who COSIGNED the loan.
If you take out a loan and then you die who pays for it?
Either insurance or the estate. Some lending institutions provide "credit life insurance" which pays off the loan. If that is not part of the loan, the estate will be required to sell assets to cover the loan.
Does a car insurance cover pay off on car in case of death?
Unless the person died while wrecking the car, no. I believe you are looking for a type of life insurance that pays the loan balance upon death of the owner of the loan and vehicle. This is mortgage life insurance.
Does gap insurance cover a death?
No. If a car is determined to be a total loss as a result of a collision, GAP insurance pays the difference between what the collision coverage pays as the actual cash value of the car and the outstanding loan balance.
What is charges such as collecting loan fees and the interest the customer pays on the loan?
servicing fee
In case of death of lonee or guaranter of education loan who pays the loan back?
In the US, if the loans are Federally Guaranteed then the loans will be forgiven by the Government is the loan holder dies. If it is a co-signer that died, then the loans still need to be repaid. If the loans are private, then they still need to be repaid.
