Will I be held responsible for the rest of the loan if I let the travel trailer go back?
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Will I be held responsible for the rest of the loan if I let the travel trailer go back?
We purchased a travel trailer a few years ago. The loan was in my husband’s name only. My husband passed away 1 1/2. I never years ago. I notified the bank that he passed away and have been making the payment every month.
Asked on November 15, 2011 under Bankruptcy Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
As long as you are making the monthly payments on the travel trailer that was in your husband's name but presumably is a marital asset, you reall should not worry about it as long as you are making the payments.
However, if you cease making payments on the travel trailer, it is reposessed, and sold for less than what is owed on it, there is a good likelihood that the lender on the travel trailer will be looking at your husband's estate (assuming there was a probate or trust administration) for any deficiency and possibly you for any shortfall under your state's laws regarding debt obligations owed by a spouse.
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