My bank has a RV purchase loan for a borrower that recently passed away. A family contacted the bank stating they made all the payments on the RV and the RV was actually theirs, not our borrower's. The loan is in default due to the borrower's passing per our note. I'm unsure what our next step should be.
Do we demand the loan? Reposess the RV?
Should we/ can we allow this family member or perhaps the executor of the will to continue to make payments and then transfer the title when paid off?
I'm concerned the family member may be living in the RV.
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