Death and debt: how being in the negative can haunt familes

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  • Outsideview Federal Way, WA
    Dec. 24, 2012 4:30 p.m.

    The wife was angry because the bank expected her to pay an old loan that her husband had taken out even thought he had died? I would have expected the same thing. I thought that was one of the benefits or drawbacks of marriage. You benfit from his past savigns and possibly are responsible for his current debts. It is also an example of why people should come clean to each other on the debt that they owe before they get married.

    So the wife got the life insureance and her father in law got the sons loan bill. Seems a little unfair. True, he cosigned but he did it as a favor to his son to help him secure the loan. He expects to only pay when the son literally cant. Death qualifies but I expect he would prefer to help his daughter in law with money after she has done all that she can to pay off their obligations. I guess it is all how you look at it. Still, I dont think she should be upset with the bank.

  • Liberal Ted Salt Lake City, UT
    Dec. 21, 2012 11:16 a.m.

    So they are upset because they co-signed a debt. The other signer passed away. And now the very contract that they signed and agreed to, is still in force.

    Yeah, that's frustrating. But, YOU should consider that when you're co-signing. Which is why most people wouldn't recommend doing that.

    To get through school, I had to work 2-3 jobs and took a full load of classes. If I could only afford 1 class, then I took the one class and worked more hours and saved up to pay for the next semester. It took 5 years to graduate. But, I did it debt free. What was really bad, is that I didn't qualify for grants because I worked too many hours. Had I sat on my hands, then the grants could have come and paid for some schooling.

    Oh well, we all make choices and decisions and get to reap the consequences of those decisions.