What happens if a deceased parent had a co-borrowed loan? | NC

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Q: What happens when a deceased parent had a loan with another relative as a co-borrower? A: Usually, the debt does not disappear when a parent dies. If another relative signed as a co-borrower, that person often remains responsible for the full loan under the contract. The parent’s estate may also owe some or all of the balance if the parent was legally obligated on the loan and the creditor…