Loan

The death of a family member creates emotional stress as well as urgent financial questions. One common concern is what happens to an unpaid personal loan. Does the loan disappear, must the spouse or children pay it, can the bank approach a guarantor, and will loan insurance clear the balance? Responsibility depends on the agreement, … Read more

“Loan closed” and “loan settled” may sound similar, but they communicate very different things to a future lender. A closed loan generally means that the borrower repaid the full amount due according to the agreement or an accepted foreclosure calculation. A settled loan normally means that the lender accepted less than the total outstanding amount … Read more