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If a person owes a lot of money to the bank, but he is dead, what should I do with this money?

Time: 2018-01-12         Source: Wukong Q & A         Author: Tony sister Money

This problem has to be divided into several situations:

Mortgage

Mortgage loans are collaterals when they are loans. They can be houses, government bonds, wealth management products, stocks, etc. If the borrower dies, the bank is entitled to handle the collateral and is used to repay the loan. So will it be enough to repay the loan after the auction? Generally, banks will have a discount on loans, such as mortgages, which can only give loans of 70% of the market value of the house.

       

Of course, there are also cases where the borrower collateralizes the mortgage, so that the bank can't get the collateral, it can only be bad.

Third-party secured loan

If the loan has a third-party guarantee, the loan is transferred to the guarantor after the borrower dies. The bank has the right to initiate a recovery from the guarantor.

Pure credit loan

For pure credit loans, the heirs of the estate need to repay the loan within the scope of the estate.

If the loan is 1 million and the estate is 500,000, then the bank has the right to recover the 500,000. However, in actual circumstances, the bank collects debts from survivors, and it is difficult for the survivors to cooperate. At this point, the bank can only sue in court and demand enforcement. If the enforcement does not come down, the money becomes a bank bad debt.

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