When a Borrower Dies: Rules, Procedures & Liabilities 2019 | Virginia Association of Community Banks | 21 November 2019 |
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| Event Date | Thu Nov 21 EST (about 5 years ago) |
| Region | All |
Details
It happens every day. One of your borrowers dies still owing on a loan or other obligation. In this situation, you must act swiftly to increase the chances of collecting on the loan and to avoid liability. What should you do? This webinar will thoroughly explain the proper procedures and processes to follow when a borrower dies, including the special procedures under the mortgage servicing rules regarding home loans.
Highlights
• Does death constitute a default under the loan?
• What if the loan payments continue to be made by the deceased’s relative?
• Is the deceased’s estate or surviving spouse liable for the loan?
• Can you setoff the deceased’s deposit accounts for debts owed to your institution?
• What if a probate estate is never opened regarding the deceased?
• What are the special rules for home mortgage loans?
Who Should Attend?
This informative session will benefit all loan officers, loan operations personnel, collections staff, service representatives, compliance personnel, auditors, attorneys, and managers.
Speakers
2019 Speaker
Elizabeth Fast
JD & CPA, Spencer Fane LLP