What would happen to my mobile home that is in my grandmother's name if she were to pass away?
Full Question:
I have a loan on my trailer, it is in my grandmother's name only and not my grandfather. What happens if she were to pass away? Would it be repossed or would they try to get money from my grandfather?
04/09/2007 |
Category: Wills and Estates |
State: Kentucky |
#2834
Answer:
Typically, when a person fails to make payments on a loan, legal action may be taken. A person who is not a party to the loan contract and hasn't agreed to act as a guaranty or surety is not obligated to pay it off, but if a lien is filed, property that is jointly owned may be subject ot the lien. What precisely may happen depends on the terms of the loan, such as whether it creates a security interest in the trailer.