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If you got a gold option loan through Bank of America and didn't sign anything to get the loan can they do anything if I don't pay it I am are not sure I will live much longer I have terminal cancer?
Wiki User
∙ 12y ago
it doesnt matter to them if you signed for it or not - you received the money so the loan is valid to them, and to the courts. but, considering your situation, I don't see any reason why you should keep paying for it, unless you are concerned about the effects on your estate.
you stop paying, and b of a wants their money, and they go through all the standard stuff, letters, phone calls, etc. if you have a bank account with them they will take it to satisfy the debt, so make sure you don't bank with them if you do this. but, you ignore them, and that's the end of it, because they can sue you for the money, but they need some time and they need you to have assets which can be used to pay them.
your estate may have assets, like a house with equity. if that's the case, b of a can make a claim in probate against your estate. without you there to fight them, they'll probably get their money, which is less for your heirs. but if you don't have assets (and life insurance does NOT count - it is paid directly to your heirs, therefore not a part of YOUR estate), then there is nothing b of a can get when you pass.
Proceed with the option you think is best.
Wiki User
∙ 12y ago
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