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my parents past away last year and willed there house to me, i put house in my name. i was contacted by a bank saying there is a personal loan taken out by my parents and they used the house for collateral. they say i need to pay 5,000 cash or check to them or there lawyer will be involved. i dont have the money or credit to get it, parents didnt have much. now can they take my house or put lean on it. i can make payments but scared to call and talk to them till i know what to say to them. again i dont have it in cash or credit to get it. what can happen at this point. i dont want to not pay but really never know about any loans they had.

2 Thoughts on bank loan, personal installment loan?
  1. Reply
    February 10, 2014 at 9:06 am

    Something tells me that your parents lied to you about the house being yours.
    Check your 3 credit reports at
    Annual Credit
    No credit /debit card required. They are 100% free.
    If that mortgage is yours – the reports will state so.
    But, I already know you were told a lie.
    Just so you would pay the monthly mortgage.
    And… you will also see that personal loan on your reports if your name is tied to it.

    Boy, your parents think you are a fool to be used.
    Start capitalizing letters in sentences so they will think at least you have some sort of education.

  2. Reply
    February 10, 2014 at 9:51 am

    Important points to remember before availing personal loans are that an individual should always select an installment amount that can comfortably be withdrawn from the net income. Usually personal loans charge higher markup rates; this is primarily because such lending falls under a bank’s unsecured portfolio. However it is important to note that the mark up amount on personal loans decreases with time as the principle amount decreases.

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