The first step to know what we are talking about is to know the meaning of guarantee. We can define it as that third person involved in a guarantee contract that acts as collateral for the payment of an obligation in the event that the debtor could not take charge of the personal loan.
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We understand by guarantee that contract in which there is a commitment to return the amount borrowed . In this type of guarantee contracts, that person committed to paying the debt is known as guarantor or debtor.
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That said, in this article we will tell you if it is possible to inherit an endorsement in the event of death of the guarantor.
What happens if the mortgage guarantor dies?
Many doubts run through our minds when our guarantor dies, asking us if it is possible to inherit a deceased guarantee.
The first thing is to know that there are two forms of guarantee:
Use a personal guarantee
Resort to a good or property of the guarantor as a mortgage guarantee
In any of these, in the event that our guarantor dies, the guarantee remains valid , unless our contract indicates otherwise. So it is important to know all the details of our contract before contracting financial services with our entity.
In the hypothetical case that our guarantor dies, we can inherit the deceased guarantee as long as the heirs accept the guarantee; In this way the guarantee will be extended to all of them involving their assets in the loan.
In short, it is possible to inherit the guarantee of a deceased. According to the Civil Code the obligation of the guarantor is extinguished at the same time as that of the debtor , and for the same reasons as the other obligations. So the responsibility of the guarantee passes to all his heirs. When a guarantor dies his responsibility passes to all his heirs.
Can we really inherit the guarantee of a deceased?
The heirs can act in different ways in this situation.
In case of death, the successor can resort to one of these three options :
Reject the inheritance.
Accept the inheritance and take charge of the guarantee, affecting your inherited home.
Accept inheritance for the benefit of inventory.
If the inheritance is rejected , you will not have to face the loan, but at the same time waive the entire inheritance.
The last option means that the heir accepts the inheritance but does not take over inherited debts . That is, we will be responsible for the liabilities corresponding to the inheritance with the assets involved in it. The last option is always the most recommended. If your inheritance does not have any collateral problem, and in your property you already have a paid house or property you can resort to a loan with a guarantee to accept the inheritance.
Loans without collateral
On the other hand, there is the possibility of requesting a loan without collateral. From Tattycoram you can process it online. Typically, entities require you to meet the following requirements
Be at least 21 years old
Have a residence in Spain
Receive periodic income as mentioned above, either with or without payroll
Be the owner of a checking account