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When a person who has an outstanding car loan dies is the family responsible for paying the outstanding balance?
Wiki User
∙ 16y ago
The executor or the beneficiaries of the estate have the option of refinancing the loan and paying off the existing note, allowing the note to go into default in which case the lending institution will take over the house and sell it at auction or the beneficiaries may elect to sell the house. In either case, the lending institution will be paid before the title is released. Many people have mortgage insurance that pays off the mortgage but the executor of the estate should have that information so that the note can be paid. If that information was not provided, the executor may have to do a little searching to find the relevant information. All the non-exempt assets and debts that belong to the deceased will be handled according to state probate laws. Real property that is jointly titled to a married couple or titled as "JTWRS" is not subject to probate procedures and automatically passes to the surviving spouse or named joint tenants. In a "CP" state all assets and debts of a marital couple are considered owned and owed equally. The worst scenario in a "CP" state is the vehicle will be repossessed and any deficiency will be paid out of the deceased's estate or will need to be paid by the surviving spouse. It would be in the best interest of a spouse and/or family members to seek legal advice. Most attorneys offer free or minimal fee consultation to explore the legal options available. If the involved party is unsure of whom to contact all state bar associations offer a free referral service or the local legal aid society can be of help.
Wiki User
∙ 16y ago
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What is a settlement?
A settlement (given the category of the question) - is paying off the whole outstanding balance of a loan, overdraft or credit card.
Is it possible to be a co-signer on a mobile home loan if you already own a home of your own?
It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.
If there is no estate of deceased family member who is responsible for debt?
Generally, the estate is responsible for paying the debts of the decedent when the debts are in the sole name of the decedent. If there are no assets then the creditors are out of luck.
Who pays homeowner assoc. fees the mortgage holder or the deed holder?
The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.The deed holder is responsible for paying the HOA fees.
Can you cancel your credit card?
One may always cancel their credit card, however, if one has a balance outstanding, one is STILL RESPONSIBLE FOR PAYING. From a credit reporting standpoint, it is never good to cancel a credit card because the number of open accounts is reduced and the relative credit usage is reduced (both resulting, generally, in a reduction of credit score).
Is excutor of estate responsible for paying the prior homeowner association fee?
Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.Yes. The executor of the estate is responsible for paying any outstanding debts owed by the decedent. Those debts must be paid before any assets can be distributed to the heirs.
Who is responsible for paying the unpaid balance on your grandmother's credit cards after her death?
The decedent's will (if any) assets and debts are filed in probate court pursuant to state laws. Nonexempt assets are used to pay outstanding debts. Surviving family members are not responsible for the decedents debts unless they were a joint account holder. An exception would be if there is a surviving spouse and the couple resided in a community property state.
What is a settlement?
A settlement (given the category of the question) - is paying off the whole outstanding balance of a loan, overdraft or credit card.
If a relative dies and you were paying their credit card debt for them and you are an authorized user of that card are you then responsible for paying off that card debt balance?
No.
Is a co-buyer responsible for paying off a loan if the buyer has no job and the vehicle was repossessed?
Yes, he or she would be equally responsible for the repayment of the loan balance.
Is it possible to be a co-signer on a mobile home loan if you already own a home of your own?
It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.It's up to the lender whether the co-signer can be approved. If the co-signer can afford to pay for the mobile home in addition to paying for their own home they will likely be approved. The co-signed loan will appear as an outstanding debt on the co-signer's credit record since the co-signer on any loan is fully responsible for paying the loan balance if the primary borrower stops paying. If you are willing to guarantee repayment of the loan and have enough income then you can co-sign.
What happens to a joint credit card when one account holder dies?
Both owners of a joint credit card are equally responsible for paying off the balance on the card. When one dies the survivor is responsible for the full balance.
Is Responsible For Paying The Balance Of The Travel Card Staatement In Full By The Due Date?
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Who is responsible for expenses while a home is in probate?
The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.
Are father and stepmom responsible for child support?
The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.
Are joint tenants equally responsible for the mortgage?
Yes. Joint tenants are equally responsible for paying the mortgage. However, you should be aware that if the circumstances in the relationship between the parties (mortgagors) changes and one abandons the property, the lender will hold the remaining person solely responsible for paying the entire balance due.
Are you responsible for your employer over paying you in CA?
You aren't responsible for them overpaying you, but you are responsible for paying back whatever you were overpaid.
