My dad passed away unexpectedly last December and he had purchased a boat the year before under his name only. There's a lengthy loan left and when my mom was working with the probate lawyer, she couldn't decide if she wanted to try to keep the boat OR completely let it go since the loan was not in her name. Her lawyer advised that she keep making payments and hold off on sending in the death certificate until she could figure out her financial situation. She sold their house and needs to get financed for a new home loan. At this point, she does not think keeping the boat is a great idea. There are approximately 10 years of payments left on a 70,000 purchase. She is concerned that because she's been sending in payments for 9+ months, that now somehow the lenders will find her responsible for the boat. She's embarrassed to approach her lawyer and say that she doesn't want it anymore and ask for new advice. Will she indeed be found responsible for this loan since she's been paying on it? She was not a co-signer on the loan, but the checks made out to the lender have always come from her own checking account. (My parents had their own accounts except for 1 joint checking and a mortgage)
Added (1). I should add that all of his other debt did not come back to haunt her. His truck was repo'd within a month and she was never expected to assume his credit card debts.
Read more: https://allmortgage.net/forum/deceased-husbands-boat-loan-in-illinois.html
