Legal Question in Credit and Debt Law in Texas
Outstanding Loan - Father Died
My father recently passed away and he was still paying on an old truck. Can we just call the loan company and ask them to repo it? My mom can't afford the payments. She is not anywhere on the loan.
Asked on 3/29/07, 1:42 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Outstanding Loan - Father Died
Sorry to tell you but that's a community debt that either spouse would be responsible for.
I would advise against having it repo'd since there are repo costs, auction costs, and the truck would be sold at auction well below book value. Your mother would then be responsible for the deficiency beween the money left from the auction after expenses and the unpaid balance of the note.
A voluntary repo does not discharge the debt!
Answered on 3/29/07, 5:18 pm
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