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When a borrower of a reverse mortgage dies, any co-borrowers will still receive the loan benefits, assuming the co-borrower meets all the agreement requirements. If there is no co-borrower, the ...
If you die owing money on a mortgage, the mortgage remains in force. If you have a co-signer, the co-signer may still be obligated to pay back the loan. A spouse or other family member who ...
A car loan is a type of secured debt. The car is collateral for the loan. ... Real estate. Vehicles. Securities. Jewelry. ... The benefit may be used to pay off a mortgage or other loans if the ...
Credit life insurance is a type of credit insurance or PPI sold by a lender in the United States to pay off an outstanding loan balance if the borrower dies. [23] Once the loan is paid off with the credit life insurance, there would be no claim on the borrower's estate. Credit life insurance is charged upfront, rather than spread over the life ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to call the note due in such a circumstance.
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Consolidate your personal loans for a lower rate by taking out a new loan to pay off your current loan. This will help you pay down the debt more quickly and at a lower cost during the remainder ...