Any Bankers on here?
Some of my Senior Single friends purchase RV's on the "Thousand dollars down and twelve years to pay it off" plan. My question is, "What happens when they expire three years into the twelve year co...
Forum Discussion
TomG2 wrote:
It is a banker question to the effect that I wondered how hard banks would pursue getting their money. I realize this varies and they would not go after $100 over a RV worth $100,000, as long as they could get that much for it. On the other hand, I wondered if they would spend the money to pursue a few thousand from an estate that might only be worth a few thousand. This is just campfire chat that me and my friends have every time one of us takes out a ten year loan. Who will win this one? Thanks to all for your comments.
Yes they will pursue to get paid on the debt. Just think of the estate as the person. People die every day, the banks and financial institutions know this and there are procedures in place to satisfy debts and distribute assets to heirs, beneficiaries in wills etc.
