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Infolawyer
Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 56227
Experience:  Licensed attorney helping individuals and businesses.
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I purchased a motorhome in 2000 in which my father cosigned.

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I purchased a motorhome in 2000 in which my father cosigned. He passed away 8 years ago and I have been making payments on time since his death. I have been injured at work and lost my and have not been able to make payments in the last 3 months. My mother is still alive with some assets and the bank is now threatening repossession. Can they go after my mothers assets(her name name is XXXXX XXXXX the loan) Thanks!

Daniel :

Hello,

Daniel :

No basis for them to pursue anyone but the primary debtor

Daniel :

there is no basis to pursue you either

Daniel :

unless you agreed to be liable

Daniel :

contractually then, they are limited to the signatories to the debt.

Daniel :

Is that clear?

Customer:

My father and I are the only 2 signatories on the note. His name appears first with B of A who bought the loan from the original lender. To clarify your response they cannot come after my mothers estate or her assets for the deficiency,

Daniel :

right

Daniel :

only against him and you were you both signed

Daniel :

Have a good night

Daniel :

Kindly click on an excellent rating for the answer.

Daniel :

Are you satisfied with the answer?

Daniel :

tried to expedite it for you.

Daniel :

awaiting your reply

Customer:

Do you have any history with B of A about them coming after me for the deficit balance. I have 770 per month for 13 years balance is about 50K value around 25K? I am considering BK as an option. Very satisfied with your prompt responses--Thanks

Daniel :

They often will settle

Daniel :

bankruptcy can discharge the debt

Daniel :

and also stays proceedings against party filed

Daniel :

but if there is no claim against someone, that stops them from pursuing that person

Daniel :

I wish you the best.

Daniel :

Kindly click on an excellent rating for the answer

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