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Hi Attorney,
Just to share what happened to us due to our parents' debts.
My dad borrowed money from his sister (who is living abroad now together with her family). During that time, they do not have cash so she lend her house and lot and used it as collateral to borrow money from the bank. After a few years, they were not able to pay monthly until the bank sent a letter to my Aunt stating that they are going to foreclose the property. My Aunt's Husband has a brother who actually paid the bank and asked my parents to settle the payments with them instead (with monthly interest of around 15 thousand monthly, and principal to pay monthly is 30,000. The total money owed from them is 1.4 million pesos plus interest. Since our business closed last 2008, our parents asked our help to settle this, and we did help them because we do not want them to worry so much. We paid almost 700,000 already together with interests, but then now, we couln't pay anymore. My father passed away last 2010 and he is the one who signed the agreement. My Aunt sent us a message (via text)asking us to just continuously pay, but we cannot afford anymore.. initially we replied that we will try because they mentioned to us to settle the interest first amounting to 7,500 (they reduced from 15,000) for 6 months then pay the interest plus the principal amount after that. We replied that we will try to assist and pay the debt of our parents, but we never signed anything. We are supposed to start paying this last January 2012, and till now, we are only settling the monthly interest as we cannot afford to pay the principal anymore. They keep calling and pushing us to pay. Can they file a legal case against us even if my dad is the one who signed the papers? Can we inherit our parents' debts?
Please help..
Thanks..
Just to share what happened to us due to our parents' debts.
My dad borrowed money from his sister (who is living abroad now together with her family). During that time, they do not have cash so she lend her house and lot and used it as collateral to borrow money from the bank. After a few years, they were not able to pay monthly until the bank sent a letter to my Aunt stating that they are going to foreclose the property. My Aunt's Husband has a brother who actually paid the bank and asked my parents to settle the payments with them instead (with monthly interest of around 15 thousand monthly, and principal to pay monthly is 30,000. The total money owed from them is 1.4 million pesos plus interest. Since our business closed last 2008, our parents asked our help to settle this, and we did help them because we do not want them to worry so much. We paid almost 700,000 already together with interests, but then now, we couln't pay anymore. My father passed away last 2010 and he is the one who signed the agreement. My Aunt sent us a message (via text)asking us to just continuously pay, but we cannot afford anymore.. initially we replied that we will try because they mentioned to us to settle the interest first amounting to 7,500 (they reduced from 15,000) for 6 months then pay the interest plus the principal amount after that. We replied that we will try to assist and pay the debt of our parents, but we never signed anything. We are supposed to start paying this last January 2012, and till now, we are only settling the monthly interest as we cannot afford to pay the principal anymore. They keep calling and pushing us to pay. Can they file a legal case against us even if my dad is the one who signed the papers? Can we inherit our parents' debts?
Please help..
Thanks..
