Wife is a housewife. Husband bought truck less than a year ago. He died in May 2006. She signed the contract. She returned it to the bank (repossessed) as she can't afford the payments. They are now stating it's going to sale and she has to pay the difference of what they sold it for and what is owed. Is there anything out there to help her in this situation?
2006-10-02 07:48:44 · 8 answers · asked by mondi_30 1 in Cars & Transportation ➔ Other - Cars & Transportation
Most attorneys provide a free initial consultation, and should be able to answer this to her satisfaction.
2006-10-02 08:07:08 · answer #1 · answered by wireflight 4 · 0⤊ 0⤋
She IS responsible for the debt. However, she can try to send the loan company a copy of the death certificate along with explanation of her circumstances to try to get the loan forgiven. This may or may not work. It depends upon if she has other "assets" such as real estate, etc. If there are other tangible assets the creditors can and will go after them to get paid.
I had to do this when my husband died two years ago. All but one of his debts were forgiven. That one is a hospital bill and is now a black mark on MY credit report!!!!!...sux, YES, but the way it is. I have absolutely NO tangible assets for creditors to try to go after. This is a GOOD thing?
2006-10-02 08:05:48 · answer #2 · answered by x_southernbelle 7 · 1⤊ 0⤋
first read your contract.as most new car loans require that death ins be a part of the policy,BUT you said you signd the loan is the truck in your name?i doubt the auction sale willcover what is owed,although many banks will swallow the debt and put it on your credit as a chargeoff.depending on where you live check into your local govt pages and look for legal aid.its free help for those who need legal help and cant afford it.
2006-10-03 01:34:34 · answer #3 · answered by fearlessfegundez 2 · 0⤊ 0⤋
She will have to pay any amount the sale is short of on the total amount of the loan but the truck could sell for more than the loan amount and then she would get money back.
2006-10-02 07:57:33 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Did she sign the car loan paperwork when the truck was purchases? If not she may not be responsible, check with attorney.
2006-10-02 07:51:48 · answer #5 · answered by Anonymous · 0⤊ 1⤋
as a spouse, yes she is responsible for all the assets and liabilities of the union. I don't know if they can come after her for the difference, but since it was already repossessed and her credit is shot, she should really consider bankruptcy protection
2006-10-02 07:53:04 · answer #6 · answered by Mike C 4 · 1⤊ 1⤋
Did u have insurance on the car? This normally covers death and all payments are ceased. Check with ur insurance company.
2006-10-02 07:57:35 · answer #7 · answered by fat_arse 3 · 0⤊ 1⤋
Either pay or bankruptcy
2006-10-02 09:03:47 · answer #8 · answered by Trump 2020 7 · 0⤊ 0⤋
she gotta pay up, or surrender the truck
2006-10-02 07:51:18 · answer #9 · answered by johnhenry_59 1 · 0⤊ 1⤋