ok here goes. I am so embarrassed . we co-signed on a van my daughter bought. and now she owes money on it so they are suing us too. If they get a default judgment against us, I know they can garnish our wages but since we only get a pension , can they go after that or can they go after our house or car. we don't really have the money to pay a lawyer to help us out. so they probably will get the judgment they want. does anyone have any info on these things?? Thanks for any info at all.
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I know you did this out of the goodness of your heart. I am sorry this has happened to you. It is one of the most common things to happen. There is no good reasons to sign for anybody as a co signer. It is one of the riskiest things anyone can do.Unless you are positive you have the money to cover it and don't care if you lose it. If you co signed then you are responsible for the loan just as she is. But, I would suggest that you do get a lawyers help. You have to protect yourself as best as you can. Maybe they can work something out with her and the bank. If you don't have representation, then they have pretty much free reign. I wish you luck. A lot of us do it once and NEVER do it again! No, I am not a lawyer. I haven't even ever done this for anyone or will I. But, I have many friends that have and have had to deal with the mess of it.I do hope it works out for you.
MJ
There can be no happiness if the things we believe in are different from the things we do. Freya Stark
I am not a lawyer either and I can't get ahold of my son. Have you tried to talk face to face with them? Could you give them back the Van and take a loss? I think if your daughter tries to explain and makes an attempt to pay even if it's 1/2 of the monthly amount until it's paid in full. Usually people want the money and don't really want to go to court. Can you ask a court for a lawyer? I refused to sign for my husband and so did his parents but they wanted to sell him the new truck so they ended up selling it to him without a co-signer. Good luck, I would try talking face to face 1st.
gramadinah
True Blue Farmgirl
3557 Posts
Diana
Orofino
ID
USA
3557 Posts
Posted - Feb 26 2010 : 08:44:26 AM
At the very least show up at the hearing if at all possible. If you can bring your financial statements along they can see that you really don't have the money. If at all possible can you and your daughter arrange for them to take the Van and make a small monthly payment on the amount that is owed. Again not a Lawyer but have been in a similar situation.
any lawyers out there,have a question??
Posted - Feb 25 2010 : 8:44:44 PM
