Legal Question in Banking Law in New York
We live in NY State and my father passed away in January. My dad had two bank loans and my mother was a joint applicant. Is my mother liable to pay those two bank loans?
Asked on 3/01/12, 12:12 pm
1 Answer from Attorneys
Locksley Wade
Law Office of Locksley O. Wade
If she signed the closing documents then is a joint debtor. I would suggest that you check to see if there was credit-life insurance on the loans. If she was a non-working spouse, she may have other remedies with the bank; such as, they could discharge the loan if she has no income and has not worked in years.
Answered on 3/02/12, 5:09 am
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