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  1. #1
    Grandmaster Dirtebiker's Avatar

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    Estate debt question

    Iím guessing thereís 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, Iíd like to hear others experiences.

    Hereís 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 Iíd like to take over the loan (I donít think anyone does loan assumptions anymore,..). Iím not interested at the amount that is still owed.
    I wouldnít mind having it at around half of the loan amount. I told her Iíll contact the bank and see if theyíll make any kind of deal on it before she gives it to them and they send it to auction.

    A couple questions.
    Iím sure states are different. If she just gives it to the bank, does she/his estate have any obligation for the balance, letís say if it only brings half the loan amount at auction? Perhaps sheíd be better off trying to sell it? Of course, thatís the last thing she needs to deal with right now.
    Will banks even make deals anymore? Iím 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 donít know who she (or one of her kids) talked to, but she said she was told ďdonít worry about itĒ. (I think Iím more worried FOR her than she is.)

  2. #2
    I still care....Really
    churchmouse's Avatar

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    May I say I am saddened by your loss.
    Condolences my friend.

    The bank will not let this go. All outstanding debt will come due on the estate if Texas is anything like Indiana.
    AKA..Thor. Odin son. God of thunder.
    But you can call me John.....Force.

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  3. #3
    Grandmaster Dirtebiker's Avatar

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    Thanks buddy! Thatís what I thought too. I donít know who told her ďdonít worry about itĒ!? Iím guessing someone who ďwasnít worried about itĒ!

  4. #4
    Expert long coat's Avatar

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    Sorry about your brother.

    You might check the loan paperwork and make sure he didn't have something in it about if he dies, he doesn't have to pay it back. I don't remember what they call it, but I have been offered it before.

  5. #5
    Grandmaster Dirtebiker's Avatar

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    Iíve heard of mortgage life insurance, I assume there is something similar for vehicle loans. I donít think he had that though or she would have mentioned it.

  6. #6
    Grandmaster hoosierdoc's Avatar

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    If he had assets those need to be sold to cover debts before money can be removed from estate is my understanding

    half of a house with his wife counts as an asset to sell to pay off trailer IMO, but iím No expert
    Amazing Grace, how sweet was her sound.

    Love them as if you'll lose them.

  7. #7
    Grandmaster Expat's Avatar

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    Sorry for your loss.

  8. #8
    tsm
    tsm is offline
    Plinker

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    Might want to ask a Texas estate attorney about it. Mistakes while closing out an estate can be costly. Some states might shield a jointly owned domicile from estate debts, but I donít know if Texas does that.

  9. #9
    Grandmaster Tactically Fat's Avatar

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    The best bet will be to have your SIL talk to an estate lawyer in Texas. Other than the complete suckage that she's going through right now, it can be a whole other bad can of worms if something is mishandled on the estate-end of things.

    Generally everything will pass easy-peasy to her - including the debt incurred.
    Amazing Grace, how sweet was her sound.

  10. #10
    Master spec4's Avatar

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    IANAL I believe the bank will sell the RV and if the proceeds don't retire the debt, they will file a claim on the estate of the deceased. You need to see the note he signed along with any other legal papers.

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