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What are the legal rights if someone co-signs for a car and dies before the note is paid in full? |
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- Many people do not realize that by co-signing you are also a borrower on the loan; so even though the other borrower (co-borrower) may have died, you are now solely responsible for repayment of the debt.
- If the note is secured by a mortgage on real estate that the borrower owned, the borrower's estate may have an interest in the property that can be liquidated to pay off the loan. Life insurance may also help protect a co-signer from bearing the entire burden in a situation like this.
First answer by ID0000000000. Last edit by Wutzyerproblem. Contributor trust: 605 [recommend contributor]. Question popularity: 137 [recommend question]
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