Posted on: 20th Feb, 2010 09:10 pm
my cosigner died in november and i started paying back my loans in december but i can't make the monthly payments. What will happen if i continue to not pay the loans?
In my opinion they will foreclosure on your property.
Thanks.
Thanks.
I'm sorry to hear about the death of your cosigner. The fact is you're still as much on the hook for your debt as you were before. If you stop paying you'll go into default and then a whole host of things could follow, including a foreclosure if you are actually speaking of a home loan.
let the lender know that your cosigner has passed; there's no sense in making them waste additional time and money seeking to contact someone who's gone on, after all.
your options are few - if you cannot pay, the lender will take appropriate action. as noted, if it's a home loan, you can end up in foreclosure; if it's a car loan, the vehicle can be repossessed; if it's a personal loan, they'll likely take you to court to seek judgment against you.
the first thing to do is to discuss this with the lender to see if they can arrange a way for you to continue to make payments - maybe a refinance that'll lower payments, etc. and if they'll refinance for you, you might be able to come up with another cosigner, though it'd be nice if you didn't have to go that route.
your options are few - if you cannot pay, the lender will take appropriate action. as noted, if it's a home loan, you can end up in foreclosure; if it's a car loan, the vehicle can be repossessed; if it's a personal loan, they'll likely take you to court to seek judgment against you.
the first thing to do is to discuss this with the lender to see if they can arrange a way for you to continue to make payments - maybe a refinance that'll lower payments, etc. and if they'll refinance for you, you might be able to come up with another cosigner, though it'd be nice if you didn't have to go that route.
