my father in law died and there was a debt of 50 thousand dollar loan?

by **Selina** on Fri Oct 23, 2009 6:12 pm

to a person who know doesnt want to pay on the loan.but its on his house. what can the family do?

by **AMercer103** on Fri Oct 23, 2009 6:18 pm

The person's estate will have to pay for the loan. All of the assets he had will be applied to paying off any debts. In this case, it sounds like there is a house that the bank can take to satisfy the loan if there is not enough cash to pay it off.

You will not have to pay the loan even if the house is valued at less than $50,000 and there is no money. Unless, you cosigned with the person on the loan, that is. In that case, you are a part of the loan contract and the bank can come to you wanting payment.

by **timothyp206700** on Fri Oct 23, 2009 6:23 pm

Had your father in law loaned the money to someone else or did he owe the money?

If he loaned the money, the estate will be able to collect against this. If he owed the money, the lender will be able to collect against the estate.

by **StephenWeinstein206** on Fri Oct 23, 2009 8:57 pm

There are two options:

a) Pay the loan, so that the house title will be clear.
b) Do nothing. The house will go to the creditors, but the surviving family will not be personally responsible for the loan.

by **SPIFIMAN1269** on Fri Oct 23, 2009 9:03 pm

Since it seem no one actually read your question I will answer.

Assuming this loan between your father in law and this other person is documented and a lien has been filed, his estate can take the other person to court and sue them for defaulting on the loan and get a judgment from the court.

Once that is done the estate can attach the persons bank accounts, garnish their wages (if your State allows it) and file liens on any other real property they may have like cars, boats, land and homes.

If on the other hand the loan is not documented in any way your S.O.L..

Good luck and sorry about your loss.

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my father in law died and there was a debt of 50 thousand dollar loan?