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I currently have a personal loan (title is held not

I currently have a...

I currently have a personal loan (title is held not registered with state) that is "defaulted" I'm not really sure of the status as the loan originator passed away and the loan is with his estate. My husband and I were asked to sign new loan documents several years (like 3) ago as so the loan was part of the originators Trust-we did not complete this and the loan originator passed away...I am assuming the loan is now with the Estate and we received a demand for payment...we have not received any communication for about 3 years on this...what legal ground do we have to stand if any?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Illinois

Lawyer's Assistant: Has anything been filed or reported?

I'm sure what you are meaning We received a 30 letter asking for payment

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The loan originator was a former employer-the personal loan was payroll deducted until I left the company....

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Answered in 3 minutes by:
1/31/2018
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 12,148
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

I'm sorry to hear about your situation. You're correct in assuming the loan is with the estate; however, my question is whether you made any payments over that past three year period at all?

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Customer reply replied 4 months ago
I do not believe so...I am trying to research my records...but I believe the last payment was in 2014

I see what you mean. So, you have a couple of options. The first is to continue paying toward the balance. The next option is to not and hope that for the next seven years they do not bring a lawsuit. In Illinois, pay actions based on a written contract must be filed within 10 years. This means that after 10 years, they can't file suit.

My recommendation to you as well would be to get the remaining terms in writing. Although the principles of waiver, meaning that it was clear that a right by one party is being given up because they are not seeking payment, is a plausible defense if they brought a breach of contract lawsuit, if you owed the money, the a court will probably make you pay.

I don't believe that you would be considered in default if they never sent any payment requests, but the overall balance would still be owed.

Howe else can I help you today?

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Customer reply replied 4 months ago
We have received a notice form the estate attorney asking for payment.....do you think given the time span we would have any option to negotiate a payoff with any luck due to the extended period of no communication?

I think negotiation is going to be key here.

One little known, but very effective tool that lawyers use when there isn’t a law that they can rely on to support their position is called principled negotiation. All this means is that you are looking to get something done on the basis of principles, even if you can’t find a law to support you. It takes the anxiety out of dealing with the other side because you’re focused on the facts, not each other.

Here are some simple steps you can follow:

  1. Figure out what the other side’s interests are (saving money, saving time, etc.?);

  2. Think about what your interests are (saving money, saving time, etc.?);

  3. Come up with 2 to 3 reasonable and objective ways to solve the problem;

  4. Present it to the other side;

  5. If the other side rejects, ask them, “Is there a reason why you do not feel it is necessary to negotiate?”

Of course, these are just building blocks to get the other party to help solve the dispute. Believe me when I say that good lawyers use this technique all the time to keep things out of court. You’ll find that it is very effective even with the most stubborn of individuals.

Did you have any other questions for me today?

Legal Eagle
Legal Eagle, Lawyer
Category: Legal
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Customer reply replied 4 months ago
Thanks Legal Eagle I appreciate your time!

The pleasure is all mine! Unless you have additional questions, there’s just a few other things I’d like you to know before we wrap up this conversation:

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