Legal Question in Banking Law in New York

We live in NY State and my father passed away in January. My dad had two bank loans and my mother was a joint applicant. Is my mother liable to pay those two bank loans?

Asked on 3/01/12, 12:12 pm

1 Answer from Attorneys

Locksley Wade Law Office of Locksley O. Wade

If she signed the closing documents then is a joint debtor. I would suggest that you check to see if there was credit-life insurance on the loans. If she was a non-working spouse, she may have other remedies with the bank; such as, they could discharge the loan if she has no income and has not worked in years.

Read more
Answered on 3/02/12, 5:09 am

Related Questions & Answers

More Banking Law questions and answers in New York