Legal Question in Credit and Debt Law in Georgia

Loans

My 75 year old aunt inherited full responsibilty for a $720 monthly payment on an RV loan after losing her husband recently. More than 50% of her limited fixed income goes toward this payment. We want to sell the RV ASAP but the RV's book value is approx. $25k less than the loan payoff amount. Thanks in advance for any advice or options you can offer.


Asked on 8/17/07, 6:18 pm

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Loans

You leave out the important details. Who is, and was, the obligor on the loan? Who is the title owner of the RV? One generally does not inherit responsibility for another person's debts. Assuming she is on the original loan documents and owes the debt, it is unlikely she can sell it without full payoff or the lender's consent to turn over the title on a short sale. You can always call and explain the circumstances and see if they will consent. Otherwise, the options are to 1) sell and make up the difference, 2) allow the lender to come and get it (basically a repo) and face a possible deficiency that may not be collectible, or 3) keep paying and pay it off.

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Answered on 8/17/07, 6:29 pm
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Loans

Loans cannot be inherited, so please check on your facts and then post what actually is happening.

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Answered on 8/17/07, 7:10 pm


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