When a person takes on a mortgage, they usually fully expect to pay it off before they die although this is not always the case.
Loanstreet.com.my co-founder Jared Lim tells Property Advisor that once the bank has been notified of a borrower’s death, how it is handled will depend on a few factors. “At this point, a refinancing/restructuring can be discussed with the bank. If there is no one to take over the loan, the bank will have to make a claim against the estate for settlement of the outstanding amount.
Messrs Eunice Tan & Partners founder Eunice Tan Mui Lee said when the borrower dies, the repayment for the housing loan will not automatically become a bad debt.
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Source: fmtoday - 🏆 5. / 72 Read more »