Legal Question in Credit and Debt Law in New Jersey
my father had a loan for about 8,000.00 in his name only is my mother responsible for this loan? we live in nj and there was no will
2 Answers from Attorneys
I would need more information to properly answer your question. Assuming your father was the only person who signed the Note and loan documents, either he or his Estate (in the event he is deceased) would be responsible to repay the loan. However, in the event the loan was secured by real property in the form of a mortgage or some other security interest, your mother or owner of the property will need to repay the loan in order to protect their interest in the property.
Your mother is probably not liable to pay the loan to your deceased father, but I can only say 'probably'. I need to talk to you and get more information to tell you for sure.
And that is not the end of the story, I need information about what your father owned when he died, and what the debt was for.
Why don't you give me a call (the call is free) and I will talk it over with you.
Robert Davies, Attorney 201 820 3460