If there were several co-borrowers on a loan, if one of them dies, the remaining participants continue to pay the loan.
If a surety for a loan was issued and the borrower dies, the loan under the surety does not disappear, but passes to the heirs. Often a situation arises when the surety is forced to pay off the borrower's debt. In this case, he acquires the right to become a creditor to the heirs and demand compensation for the amounts paid.
However, there are contracts under which the guarantor's liability ends with the death of the borrower. It is necessary to carefully study the terms of the contract.
How to inherit
For many people, inheritance can be a complicated and confusing process. It is important to contact a notary within six months of the death to retain the right to inherit. With their help, you can obtain a vietnam mobile database certificate of inheritance, which has legal force and will allow you to register the property as your own.
If you are faced with a situation where the inheritance includes debts, and it is important for you to preserve the property received on credit, then you should pay attention to refinancing in order to reduce the interest on borrowed funds.
To do this, contact Bank Sinara. We can help you and offer more favorable conditions than under the original agreement or combine several loans into 1, so that it is more convenient for you to pay.
Let's sum it up:
The debts of a deceased relative are inherited in the share specified in the inheritance, or according to the order of inheritance in an amount not exceeding the value of the property. Fines and alimony are not transferred (late alimony payments are transferred)
Find out whether your relative's life was insured when concluding the loan agreement. And whether there were co-borrowers
Family members have the right to inherit property and debts in full or to refuse it completely
To enter into an inheritance, you must contact a notary within 6 months from the date of death.
The information in the article is current at the time of publication. Financial conditions may change. Please check the current data on the page of the product you are interested in. The Bank is not responsible for the use of outdated information.