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beachbum | Co-signer--If I am a co-signer on a persons loan and that person deceases, am I still responsible to pay debt? |
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 |
 
me
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yes |
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RED WHITE AND BLUE
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IF YOU COSIGN FOR SOME ONE AND THAT PERSON PASSES AWAY, WHATEVER MONEY IS IN THE ESTATE WILL BE USED TO PAY SECURED CREDITORS FIRST. IN THE CASE IF THERE IS NOT ENOUGH MONEY IN THE ESTATE TO PAY OFF A COSIGNED LOAN, THEN THE CO SIGNER DOES HAVE TO PAY.. I HAVE CO SIGNED FOR SEVERAL PEOPLE AND I REQUIRE LIFE INSURANCE ON THE LOAN , WITH THE BORROWER PAYING . YOU CAN GET THIS WHERE THE LOAN ORGINATED AT.. BUT IN MOST CASES IT IS CHEAPER TO JUST BUY A PLAN SOMEWHERE ELSE. ALWAYS PROTECT YOURSELF..
HAVE A NICE DAY |
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Joe
|
You are responsible, but so is the dead person's estate. |
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sprdad13@sbcglobal.net
 |
YES SIRRR |
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Sjean
 |
Yes you certainly are. |
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4knowledge
 |
That is the definition of co-signing for a loan.
Yes, you are responsible. |
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shark38dd
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YUPPERS...I paid off a 6800.00 loan due to being dumb and co-signing. |
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miss L
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Oh, yes. Definitely yes. That is why it is so important always take co signing seriously |
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bburdet2000
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yes,but not neccessarily click below for more help |
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rayna_thorne
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yup, your screwed |
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david m
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That is why lenders sometimes ask for a co-signer; one more person to collect from. You are every bit a responsible for the loan as the signer. Only thing you can do is pay the loan then sue the other signer for the money back. |
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icsowesmemoney
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UNLESS YOU HAD DEATH INSURANCE ON IT THEN YES YOU ARE STILL RESPONSIBLE. BY YOU CO-SIGNING YOU AGREED TO THE TERMS OF THE LOAN. WHICH MEANS YOU MUST SATISFY THE DEBT |
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fpoof2300
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you may want to check with your lender. however, i do believe that there should be a section regarding death or sudden illness that prohibits payments being made. You can always call and say that you would like a pay-off price which will be considerably lower than the principle balance. |
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chabnormal
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yes |
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drew
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I think the estate is still responsible for the debt but if they did not pay, you would be responsible for the default. |
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