2007-01-31 08:13:58 · 11 answers · asked by Princess Hard up 1 in Business & Finance ➔ Personal Finance
The bank can come after the assets of the estate. If he has no assets, then they are out of luck. If he has considerable assets, and left them to you, then you can be taken to court (in the USA) to pay.
If the loan is for a joint asset (like a home), you will owe. If it is for a car, and your name is not on it, they can take the car unless you want to pay it off. If it is for a loan or credit cards, they are out of luck.
Good Luck.
2007-01-31 08:20:05 · answer #1 · answered by Christmas Light Guy 7 · 0⤊ 0⤋
Check with the bank on the condition of the loan. If your husband was awarded the loan, he has assets somewhere. And there is life insurance, maybe. You need to stall for time, agree to take over payment of the loan and get your financial house in order. Once this is done, you can devise a plan to pay off all of the bills.
2007-01-31 08:30:56 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
That depends on whether the loan was secured and whether it was in joint names.
If it was unsecured, in your husband's name only, and there is not enough money in your husband's estate to pay it back, the bank cannot claim it from you.
If it was in joint names, you remain liable to repay it.
If it was secured against your house, the bank can force you to sell to repay the loan.
The first thing to do is tell the bank you are not in a position to repay the loan.
2007-01-31 08:22:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The bank may well have insured him. Ask them. It is unlikely that they will have lent it him if they didn't think he had the assets to cover it. Do contact the bank and talk to them. If there are no assets whatsoever in his estate, then they cannot make you pay off his debt, unless you jointly borrowed the money with him
2007-01-31 22:08:57 · answer #4 · answered by Professor 7 · 0⤊ 0⤋
Ask for copy of paperwork if haven't already got it, You tend to have to opt out of payment protection so could be covered. Be aware that they could still try to get the money off you,just stick to your guns because when my Mum died they tried to get the money of me but i pointed out that i had the paperwork and she had protection. If the loan was in his name only and he has no money in the estate then they wont be able to get the money anyway so debt dies with him.(this also happened with my Mum)
2007-01-31 08:36:03 · answer #5 · answered by jan 2 · 0⤊ 0⤋
It will come out of his estate. If there isnt enough money on in his estate then it is the banks hard luck!
When his executor of the will distributes the estate, he will prioritise it.
I dont think you are at risk at all, you are not liable.
2007-01-31 08:22:48 · answer #6 · answered by mrssandii1982 4 · 0⤊ 0⤋
Princess. Post your question on The Consumer Action Group web site you will receive the answer you seek.
2007-01-31 08:40:45 · answer #7 · answered by trusco 1 · 0⤊ 0⤋
Open a business, or invest in stocks, check out my website at
www.cash4cashflows.com/bscroggins
I
f you are holding a promissory note- mortgage or deed of trust, you can either partially sell your note or even a full sale of your note to an investor.
2007-01-31 08:27:44 · answer #8 · answered by Knowledge 2 · 0⤊ 0⤋
you will need to ring the bank he mightve had payment protection and that means you are covered if not it might have to come out of his estate of life insurance if he had any.
2007-01-31 08:18:46 · answer #9 · answered by Nutty Girl 7 · 0⤊ 0⤋
not sure legally,tho they will probably try scare tactics like they tried with me when dad died.basically i took a stand and said its not my debt take me to court and see where it gets u.
didnt receive much correspondence from them after that!
hope all turns out ok,but dont let anyone walk all over u cos they will try at a time like this(evil bas***ds)
2007-01-31 08:22:52 · answer #10 · answered by Anonymous · 2⤊ 0⤋