If the co-signer dies the surviving borrower is responsible for paying the loan.
The creditor wil try to get the debt from the cosigner as well.
If your cosigner dies during the loan repayment period, the responsibility for repaying the loan typically falls solely on the primary borrower. The terms of the loan agreement will dictate how the situation is handled, but the primary borrower may need to continue making payments on their own or seek alternative arrangements with the lender.
Yes, unless the loan is settled by the estate.
My belief is that as long as the mortgage is paid on time by the borrower, there would be no reason to go after the cosigner estate.
No, a cosigner cannot remove the primary borrower from a loan agreement. The primary borrower is responsible for the loan, and the cosigner is only responsible if the primary borrower fails to pay.
No, a cosigner cannot become the primary borrower on a loan. The cosigner's role is to provide a guarantee for the loan in case the primary borrower fails to make payments.
Yes, a cosigner can register a car on behalf of the primary borrower if the primary borrower authorizes them to do so.
the borrower
When agreeing to be a cosigner on a loan, the cosigner takes on the responsibility of repaying the loan if the primary borrower fails to do so. This means the cosigner is legally obligated to make payments on the loan if the borrower cannot.
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
I'm not sure if I get the question. Are you talking about having a cosigner orlike in a PLUS loan? If a borrower dies, the loan can be discharged.
You are still respnsible for paying should the borrower die.