Deceased Borrowers
Understanding Deceased Borrowers
Test your knowledge on the responsibilities and processes surrounding deceased borrowers and their debts. This quiz will cover key concepts related to debt, estate handling, probate, and more.
Key Topics:
- Debt and Estate Responsibilities
- Probate Process
- Legal Rights of Heirs
- Community Property States
True or False: When someone dies owing a debt, the debt dies with the borrower and goes away.
False
True
Who is responsible for paying a debt when a borrower dies? (Select All)
The Estate
The member's spouse if in a community property state
The member's son who is driving the truck but not on the loan
The coborrower
All of the above
None of the above
What is a Personal Representative?
A family member or close family friend
An attorney
Someone who handles the Estate's finances.
Someone who has the authority to act for another person in legal or financial matters
What is Probate?
A legal process that proves a person's will is valid
A civil lawsuit
A family get together, where money is distributed
None of the above
What happens to an unsecured debt (signature loan, line of credit, credit card) if there isn't enough money in the Estate to pay it?
We harrass the family until one of them decides to pay it out of their own pocket
We send multiple demand letters and start a lawsuit with the attorney's offce when the member has no assets
We charge it off
None of the above
True or False: Private Student Loans are discharged upon the death of the student or parent.
True
False
Under federal law, who can be contacted to discuss a deceased borrowers debt?
Spouse
Parent
Guardian
Child
Grandchild
Executor or Administrator of the Estate
Deceased borrower's employer
All of the above
None of the above
How long does the credit union have to file a claim against an estate if it is not given notice?
1 year after the person's death
6 months after the person's death
1 year from when we are notified of the person's death
6 months from when we are notified of a person's death
Any time after a person dies.
True or False: If the credit union is notified of an open probate case, we have 4 months from the first publication or 60 days after the mailed notice to file a claim.
True
False
True of False: New Mexico is a community property state.
True
False
What does the federal Garn-St. Germain Act bar lenders from doing?
Refinancing a loan of a deceased borrower
Keeping the family of the deceased borrower from selling the home
Enforcing the due-on-sale clause when a spouse, child, relative, or heir continues to pay as required on the mortgage
Harrassing the family of the deceased borrower
True or False: An assumption is when someone assumes the mortgage at a different interest rate and repayment schedule, and the note/mortgage are changed over to someone else's name.
True
False
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