If a bank goes bankrupt, your loan may be transferred to another financial institution or a government agency. You will still be responsible for repaying the loan, but the terms and conditions may change.
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
The company still has to pay it off, it might even just rest on the owner's, or the person who took it out, hands.
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
He may have a bad credit rating, try another bank.
If the loan is secured, then the collateral is returned to the bank. If the loan is unsecured, like a credit card, then the bank submits the balance to the estate of the deceased.
If the bank that issued a loan goes bankrupt, the loan may be transferred to another financial institution or a government agency. The borrower is still responsible for repaying the loan, but the terms and conditions may change.
The company still has to pay it off, it might even just rest on the owner's, or the person who took it out, hands.
You signed to guarantee the loan. That means that you guaranteed to pay the loan if something went wrong. Something went wrong so you get to pay the loan.
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
He may have a bad credit rating, try another bank.
The co-signor becomes responsible for the balance due on the loan.
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the asset which is kept as morgage with the bank at the time of taking loan is taken away by the bank
If the loan is secured, then the collateral is returned to the bank. If the loan is unsecured, like a credit card, then the bank submits the balance to the estate of the deceased.
Banks do not create the money they loan out. They get it from deposits and fees and such then give loans to those who deserve it.
what haapend if a loan is sold with recourse and it goes into defualt
In most places the money goes to the BANK! Their name is on the title of the vehicle until you make all your payments and they sign a "release of lein".