answersLogoWhite

0

Yes, you are still liable. If the sale doesn't cover the cost of the loan, the balance has to be resolved. If there is money left over, after costs, the person that was paying on the loan gets the balance.

User Avatar

Wiki User

15y ago

What else can I help you with?

Related Questions

Are you responsible for your dead spouses credit card debt if you own a house together?

Your dead spouse's estate is responsible for the credit card debt. In practice, this may amount to "you are responsible for it."


My Step-father died am i responsible for his debt?

No, you are not responsible for his debt. His estate has that responsibility.


Who is responsible for marital debt?

Both of the spouses are responsible for the debt. They both benefited from the debt, so they are held responsibility.


Are you responsible for your siblings debt?

You are not responsible for your sibling's debt unless you co-signed and agreed to be responsible for it. If you co-sign for a debt and the primary borrower doesn't pay then you will be held responsible for repayment.


Are both spouses responsible for a government lien on a house if only one of their names is on the house?

Both spouses are responsible for the DEBT represented by the lien, but the lien can only attach to the interest of whoever is actually on title to the property.


Is wife responsible for any debt if the husband cosigned a loan for their son in a divorce?

It's up to the judge and the laws in your state, but probably not. Likely you will be responsible for your exclusive debt, she will be responsible for her exclusive debt, and you will split shared debt and assets.


Who is responsible for debt if a bank cancels a credit card?

The person who carried the card is still responsible for the debt.


Are you responsible for your deceased mother's debt with an applicance store?

If you were not listed as a joint account holder you are not responsible for the debt.


Who is responsible for debt when a person dies in Washington?

The estate is responsible for debt. That is one of the reasons for opening probate.


Is an executor responsible for the debt?

Not personally. The estate is responsible.


Is a widow responsible for her husband's debt?

The husband's estate is responsible. If she was a co-signer or beneficiary of the debt, she will have some responsibility.


Your spouse bought a car in her name only she has now deceased are you responisble for the remaing debt?

You need to check on your state laws. If you live in a community property state such as Washington than the answer is yes.