I’m guessing there’s a few of you who have dealt with this issue and while I can guess and assume (and I will do the research), but in the meantime, I’d like to hear others experiences.
Here’s the situation:
My brother was killed a couple weeks ago. He had taken out a loan in his name alone (in Texas if it makes a difference) for a motor home. My sister in law has no use or desire to keep it. She asked if I’d like to take over the loan (I don’t think anyone does loan assumptions anymore,..). I’m not interested at the amount that is still owed.
I wouldn’t mind having it at around half of the loan amount. I told her I’ll contact the bank and see if they’ll make any kind of deal on it before she gives it to them and they send it to auction.
A couple questions.
I’m sure states are different. If she just gives it to the bank, does she/his estate have any obligation for the balance, let’s say if it only brings half the loan amount at auction? Perhaps she’d be better off trying to sell it? Of course, that’s the last thing she needs to deal with right now.
Will banks even make deals anymore? I’m guessing they stick firmly to policy and for the most part just send vehicles to auction and deal with the loss by billing/suing the estate or writing it off.
I don’t know who she (or one of her kids) talked to, but she said she was told “don’t worry about it”. (I think I’m more worried FOR her than she is.)
Here’s the situation:
My brother was killed a couple weeks ago. He had taken out a loan in his name alone (in Texas if it makes a difference) for a motor home. My sister in law has no use or desire to keep it. She asked if I’d like to take over the loan (I don’t think anyone does loan assumptions anymore,..). I’m not interested at the amount that is still owed.
I wouldn’t mind having it at around half of the loan amount. I told her I’ll contact the bank and see if they’ll make any kind of deal on it before she gives it to them and they send it to auction.
A couple questions.
I’m sure states are different. If she just gives it to the bank, does she/his estate have any obligation for the balance, let’s say if it only brings half the loan amount at auction? Perhaps she’d be better off trying to sell it? Of course, that’s the last thing she needs to deal with right now.
Will banks even make deals anymore? I’m guessing they stick firmly to policy and for the most part just send vehicles to auction and deal with the loss by billing/suing the estate or writing it off.
I don’t know who she (or one of her kids) talked to, but she said she was told “don’t worry about it”. (I think I’m more worried FOR her than she is.)