628+ Lawyers are online 
Death of borrower & loan is to be transferred to other person
07-Sep-2023 (In Civil Law)
death of borrower & loan is to be transferred to other person. what precautions and process to follow? And what documents to be obtained from the legal heirs and the new borrower?
Generally loans on dead people are not transferred . The Purchasers usually get the property refinanced and settle the loan of deceased borrower the lender is interested in his money and the interest.
Helpful?
22+
22+
This is called as subrogation of mortgage for it you will have to go to bank and speak to a manager regarding it then the mortgage/loan can be transferred to other person. to confirm legal heirs you will need a succession certificate/declaratory decree.please visit your local lawyer for further details.
Helpful?
13+
13+
Adv. Vikram Vishwas Kulkarni
Karad | 100+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Civil lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
