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Some loans include a life insurance policy that will pay off the loan if the borrower dies. If such a policy exists, the heirs will own the house free and clear, absent any other liens.
What happens to a reverse mortgage when a borrower dies? When a borrower of a reverse mortgage dies, any co-borrowers will still receive the loan benefits, assuming the co-borrower meets all the ...
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 ...
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.
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A car loan is a type of secured debt. The car is collateral for the loan. If your loan has a co-signer or co-borrower, they will be responsible for continuing to make payments on the loan.
If the borrower defaults, the logbook lender can seize the vehicle and look to the proceeds of sale for satisfaction of the loan. Unlike a car title loan in the United States, [2] the logbook lender can, under English law, seize the vehicle without a court order. [3] In England, Wales and Northern Ireland, logbook loans are regulated by the ...
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.