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If a person owes the bank a lot of money, but he is dead, how to deal with the money?

Time: 2018-01-12         Source: Goku quiz         Author: Tony sister Money

This question should be divided into several situations:

Mortgage

Mortgage loans that are mortgaged when the loan can be housing, treasury bonds, financial products, stocks and so on. If the borrower dies, the bank has the right to dispose of the mortgages and repay the loan. Then will not mortgage enough after the auction loan? Generally, banks will have a discount on their loans, such as mortgages, which can only give up loans of up to 70% of the market value of the houses.

       

Of course, there are borrowers pledged collateral mortgage, so that banks can not get the collateral, it can only bad debts.

Third-party secured loan

If the loan has a third party guarantee, the loan is transferred to the guarantor after the borrower's death. Banks have the right to initiate a recovery of the guarantor.

Pure credit loan

Pure credit loans, heritage heirs need to repay the loan within the scope of the estate.

If you borrow 1 million, 500,000 legacy, then the bank is entitled to recover the 500,000. However, the actual situation, the bank to the survivors to collect debt, survivors are difficult to co-ordination. At this point the bank can only sue the court, requiring enforcement. If the enforcement does not come down, the money becomes a bank bad debt.

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