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Tsikot Member
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- May 2011
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- 3
May 15th, 2011 09:17 PM #1I want to loan a motorcycle.
What happens to a loan in the bank if i die before my obligation is fully paid?
Thankyou and Godbless!
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May 16th, 2011 11:00 AM #3
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Tsikot Member
- Join Date
- May 2011
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- 3
May 16th, 2011 01:51 PM #4
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May 16th, 2011 02:00 PM #5
^kung meron ka balak mag suicide, huwag na motor ang utangin mo. european luxury car na then pati bahay na rin...hehehe
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Tsikot Member
- Join Date
- May 2011
- Posts
- 3
May 18th, 2011 10:45 AM #6
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May 18th, 2011 11:02 AM #7
^huwag ka na mag motor, talagang ma accident ka, eh yun na agad ang iniisip mo eh. and besides pag namatay ka sa accident yun bayad sa motor ang huling iisipin ng pamilya mo.
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May 18th, 2011 11:05 AM #8
it depends!!!!!
technically, mortgage insurance is simply to protect the mortgagee in case something happens to the mortgagor...
however, there are many occasions that eventhough there's insurance taken on the life of the mortgagor by the mortgagee, the latter still demands full payment of the obligation from the heirs of the deceased mortgagor or from his estate... oftentimes, esp in Phil banking and insurance industry, this scenario happens when the mortgagee bank is also the owner of the insurance company that issued the policy, or somewhat related like having common owners or it is its subsidiary... in short, if the mortgagee bank has no plan in getting the proceeds of the insurance since its their own company or owner will pay it in reality, then they will just ignore the insurance policy and will continue to collect the balance of the obligation. if the heirs or the estate cannot pay, they will foreclose the chattel.
my thought.... a mortgage redemption insurance is being required by the mortgagee from their supposed accredited insurance companies just as additional income and not really to protect them in case of the mortgagor's death...
my advise ..... if the mortgagor will be the one to pay the insurance premium (in principle, its should be the mortgagee who will pay this), be sure that the insurance company from where the policy will be taken is not in any way related to the mortgagee bank.... my cents, regards to all
I also prefer silver. hindi halata na madumi na and some imperfections like faded color and slight...
Toyota Innova Owners & Discussions [continued...