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Debt after death

  • 20-08-2012 3:42pm
    #1
    TTDublin
    Registered Users, Registered Users 2 Posts: 31 ✭


    We're been having a debate in work about this maybe someone can settle it.

    If a husband had a property in negative equity in his name only which he had prior tohis marriage.

    Would his wife be pursued for the debt if he were to die?


Comments

  • #2
    Ken.
    Closed Accounts Posts: 12,898 ✭✭✭✭Ken.


    Most (if not all)mortgage providers insist that the holder has life assurance to pay the balance of the mortgage upon death.


  • #3
    jblack
    Registered Users, Registered Users 2 Posts: 476 ✭✭jblack


    privity of contract.


  • #4
    ResearchWill
    Closed Accounts Posts: 4,111 ✭✭✭ResearchWill


    TTDublin wrote: »
    We're been having a debate in work about this maybe someone can settle it.

    If a husband had a property in negative equity in his name only which he had prior tohis marriage.

    Would his wife be pursued for the debt if he were to die?

    We will assume that there is no insurance policy. We will assume the property is worth 200k and the bank is owed 250k. Well then the property will be sold, the bank repayed and that's the end of it.

    Say there is a policy through his work that pays out 100k then the bank will get 250k from the estate and the wife will get 50k.

    But in simple terms the family of the deceased do not pay the debts of the estate. If after paying all debts then the reminder is given to the beneficiaries if nothing left over or debt then the debts die.


  • #5
    TTDublin
    Registered Users, Registered Users 2 Posts: 31 ✭TTDublin


    ResearchWill wrote: »
    We will assume that there is no insurance policy. We will assume the property is worth 200k and the bank is owed 250k. Well then the property will be sold, the bank repayed and that's the end of it.

    Say there is a policy through his work that pays out 100k then the bank will get 250k from the estate and the wife will get 50k.

    But in simple terms the family of the deceased do not pay the debts of the estate. If after paying all debts then the reminder is given to the beneficiaries if nothing left over or debt then the debts die.


    I thought that was the case - thanks for the speedy answer folks... I should have put money on it!!


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