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If your co-signer dies and you still owe money on your car loan, you may be required to repay the remaining balance on your own. The lender may also have the option to repossess the vehicle if you are unable to make the payments. It is important to communicate with the lender and explore your options in such a situation.
What else can I help you with?
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
What happens if your cosigner dies during the loan repayment period?
If your cosigner dies during the loan repayment period, the responsibility for repaying the loan typically falls solely on the primary borrower. The terms of the loan agreement will dictate how the situation is handled, but the primary borrower may need to continue making payments on their own or seek alternative arrangements with the lender.
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.
What happens when your son dies leaving an outstanding car loan?
My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.
What happens to your mothers mortgage if she dies and you are her cosigner but not on the deed?
The short answer is, nothing good. As a co-signer, you are still responsible for making sure the mortgage payments are made in full on time. However, you should talk to the bank that holds the mortgage to see what you need to do, particularly if the title of the house doesn't come to you through the will or settling of the estate.
Is a cosigner's spouse responsible for the loan if he dies?
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
When the cosigner dies is the spouse responsible for a repossion that she did not cosign for?
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
Is a cosigner on a credit card responsible after the primary dies?
Yes.
What happens if your cosigner dies during the loan repayment period?
If your cosigner dies during the loan repayment period, the responsibility for repaying the loan typically falls solely on the primary borrower. The terms of the loan agreement will dictate how the situation is handled, but the primary borrower may need to continue making payments on their own or seek alternative arrangements with the lender.
What happens if your boyfriend suddenly dies and his ex-wife is still in his will?
What happens to the live-in girlfriend if her boyfriend suddenly dies and his ex-wife is still in his will? He hasn't updated his will. He has one adult son and two sons that are still minors.
What happens to back support when receiver dies?
The money is still owed to the estate. This is money that should have been available for the support of the child, and the estate is less because that money wasn't received. In all likelihood, the child is going to get the money at that point.
Does a cosigner have to pay the rent when tenant dies suddendly?
I'm pretty sure the cosigner doesn't have to pay it. If the tenant dies suddenly, I wouldn't think his/her family would be obligated to pay the rent, because I'm sure they would move everything out when the tenant dies.
What if the cosigner dies?
You must notify the person to whom you owe the money , and your state law will tell you how long you have to make alternate arrangements with your lender. Your bank will know the law , and direct you how to proceed.
What if the person dies and you have a promissory note with them do you still have to pay?
Yes, their 'estate' is still owed the money.
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.
What happens when the person who held the loan dies and you are the cosigner and 18 years later they come after you but you are on disability and have no money or job hardship?
The advice you are seeking should be given by an attorney. You should contact a local legal aid society for help. However it would seem that the statute of limitations has caused the debt to be uncollectable.
If a beneficiary of a life insurance policy dies before the insured what happens to the money once the insured dies?
Goes to the beneficiaries heir's or estate.
