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Question

Washington State-My loving father passed away who had a signature line of credit of 50K .he solely signed this alone with BOA .Originally from a local branch They told my mother it is discharged but no we receive a call from New York BOA and state they will make a settlement for $10K There is no trust-Is my mother obligated for this debt from my loving father?

Submitted: 181 days and 12 hours ago.
Category: Legal
Value: $15
Status: CLOSED
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Optional Information

Washington

Already Tried:
Calls from New York Bank of America with very limited conversation about reaffirming a debt from a veteran that passed away February 15,2009.No committment.

Posted by Law Pro 181 days and 12 hours ago.

Info Request

What is BOA?

181 days and 12 hours ago.

Reply

BANK OF AMERICA!!!!!!!!!!!!

Posted by Law Pro 181 days and 12 hours ago.

Info Request

Since Washington is a community property state - yes, your mother's liable for the debt regardless if your father signed for the loan himself.

 

Sorry.

 

When you stated the bank told you the debt was discharged - who told you such.

 

I would not even think about paying one cent on the matter without obtaining a copy of the signed contract and copies of all monthly and yearly statements. They could be beyond the statute of limitations for collecting on the alleged debt.

 

The applicable statute of limitations for California are:

 

Contracts: Written, 4 years; Oral, 2 years.

 

How long ago did your father die? Do you have copies of anything (ie. the contract, monthly statements, etc.)?

181 days and 11 hours ago.

Reply

This matter is in Washingto State-You referred the statue for California not Washighton State. And do you think the bank will proceed with legal filings?

Accepted Answer

I'm sorry - got confused with another question. Here is the statute of limitations for Washington (not quite as good as California):

 

Contracts: Written, 6 years; Oral, 3 years.

 

They very well might - that's certainly alot of money and they doubtfully will just let it go away. However, you/she are entitled to get a copy of the contract and obtain monthly and yearly statements about the monies.

 

That information will let you know if the statute of limitations has passed. Additionally, that information will let you know exactly what, if anything, he still owed on the debt.

 

After you have that information - then you can try and settle for 50 cents on the dollar.

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Expert: Law Pro
Pos. Feedback: 99.0 %
Accepts: 
Answered: 5/26/2009

Attorney

19 years legal practitioner: real estate, collections, estate, civil, business, and criminal law

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