Lets say person A cosigns a loan for person B.
Less than two months later, person A passes away. If person B does not pay the load off, is person A's family responsible to pay off the loan?
2007-02-23 09:53:08 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
What if person A is fairly young, and has no estate?
Will their PARENTS have to pay it off?
2007-02-23 09:58:41 · update #1
the co-signer will be the only one responsible unless he dies.
2007-02-26 14:49:59 · answer #1 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Person A's ESTATE is responsible for the debt. That means if Granny owned a house or car or CD or whatever, the estate will have to sell it to pay off the debt, so little Junior won't get to inherit it.
That is why the Bible says that one who cosigns (signs surety) for another is a fool.
2007-02-23 09:57:09 · answer #2 · answered by CIC 2 · 1⤊ 0⤋
no
only the 2 parties are responsible
once you are 18 you are no longer under tender of your parents
so legally you are on your own, so any contracts and anyomne who co signs are the only 2 parties involved
2007-02-23 10:54:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋