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
mich800 wrote:
I am surprised. I thought based on our average age here more do not have experience dealing with an estate after a loved one has died. Grand parents, great grandparents etc.
I know. At 45 I've already had the (dis) pleasure of being an executor or personal representative. RIP mom n dad.....
Answers are correct. Creditors go after the estate.
On that note, you CAN negotiate with creditors if you got a good poker face. Sparing the details, my sister and her baby daddy basically scammed mom out of all her retirement savings within the year before she passed. Like couple hundred thousand.
Mom was carrying huge credit card debt when she died. That was how they were doing it. They'd max out her cards monthly, she'd withdraw investment money to pay off.
The curent bills were about $30k between 2 cards. Not enough cash left to plant mom and pay off, but her estate was very liquid.
They called me almost immediately after her death. (They had my number from calling and canceling the cards). Demanded 100% payment.
I told them to f their hat 3-4 times. Threats of leins ensued. Then I lightened up and offered to pay them a percentage of the total as a free and clear payoff. After a couple rounds or negotiations, I settled with both for an avg of about a half of the total.
Saved me $15k!
The bluff was the house, which they could lein. Told them go ahead, I planned on keeping it forever and passing it down to my kids. Either take some money now or wait until my kids inherit it and talk to them. Btw they were like 2 and 5 years old at the time!
