The comaker of any loan is the rightful owner of a vehicle as much as the maker. You are equally responsible for the payments on the vehicle, therefore you have equal rights to the vehicle. Have your copies of the signed loan papers ready when you go to take possession, and you may have to present this to the probate to recover your property.
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
I'm pretty sure the cosigner doesn't have to pay it. If the tenant dies suddenly, I wouldn't think his/her family would be obligated to pay the rent, because I'm sure they would move everything out when the tenant dies.
Dropped as cosignor??? NO NO NO. You NEEDED a cosignor to get the loan rem? Unless your credit has improved greatly since then, you still need one. Dropping cosignors from loans is STRICTLY up to the LENDER who makes the loan.
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.
Yes, unless the loan is settled by the estate.
Federal student loans do not currently have cosigners. Parents who take out federal PLUS loans for their kids often think they are a cosigner, when they are actually the sole borrower. All federal student loans are discharged if the student dies.
No you are not responsible but if your step daughter does not pay the loan they can still repossess the vehicle.
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.
Not as long as you make your payments on time. A co-signer guarantees that you will pay your loan off. If your co-signer dies and you don't make your payments the lender will repossess the car and go after you for any deficiencies.
The loan could be held as a claim against the estate. Such things can cause an estate to take many years to settle.
You have the right to pay the loan. When a cosigner enters into a loan agreement he is promising to assume responsibility for the debt should the borrower ever default on the loan. This means simply that if the borrower stops making payments the cosigner will have to take over the payments. You may even be responsible for the full payment of the loan in the event that the borrower dies or is disabled. The cosigner, or in many times, the co-borrower is equally responsible for the debt. The debt will be reflected on the co-signors credit report and may negatively impact the person's credit should the debt become delinquent. If the primary borrower cannot pay the debt, the lender will pursue the co-signor just as equally as the primary borrower. In some cases the lender may only go after the cosigner. If you cosign on a auto loan and the borrower does not make his payments, you will be responsible for making the payments even though you do not have posession of the vehicle. The borrower will be driving around in a vehicle that you are paying for, and it can be a nightmare to extract yourself from this situation. You will not only be responsible for any arrears of the loan; you will also be responsible for any late fees, additional interest, and collection fees.