If I helped a family member obtain a home loan about 20 years ago but he recently passed away and he was married, how would I go about letting his widow assume the loan?

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If I helped a family member obtain a home loan about 20 years ago but he recently passed away and he was married, how would I go about letting his widow assume the loan?

Asked on July 25, 2017 under Real Estate Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You can't make the widow assume the loan: no one can be forced to assume a loan against their will, unless they had previously executed a written agreement to do so under certain circumstances, and those circumstances occur. If he owes you money (i.e. he borrowed money from you, and the loan had not previously been paid in full), then the loan became due on his passing and should be paid out of his estate; if not voluntarily paid, you could sue the estate--not the widow; only the estate--for the funds. If the estate has money or assets, you may be able to collect; but if it is insolvent, since only the estate and not the widow personally is liable, you are not likely to recover anything.


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