are you being sued for a signing about a loan, what are your options?
My husband is the principal and his father is the guarantee, since it is the only way to get the loan would be approved. Recently, his parents have been having trouble making payments.
The notice was received the first recovery about 2 years and my husband and I ended up paying the overdue amount of $ 1300 so it would not be embargoed. Since then my husband and I bought a house, so I do not have extra money to help them.
Have your way
To get to this point, a repo man came to our door asking for the car and explained the situation and gave our parents to the direction of going to pick up the vehicle. Yesterday evening we received a subpoena said the bank was suing us for $ 13,000, plus attorneys' fees because their parents refused to surrender the car and kept locked in the garage so they could not take it.
We need a little help on what to do next, is there any way to get my husband in this name so that only their parents are demanding? Also what is the next step to take?
have their own way, Her husband has to pick up the car, Somehow have to cheat and get the car keys and ride.
Is your husband equally. He can do this. He sells or delivers it to the bank.
If not, the lender may sue for the same and because her husband has a job, they will go after him. All this can destroy your credit. Whatever your political family we are doing is a crime personally.
Employers check credit, so do car insurance companies. And with that, your chances of getting a loan in the future is bleak Your spouse must be a man of today - not
Is there any way to get my husband in this name so that only their parents are demanding?
No, if there was a way out of it now, then co-sign would have been pointless in the first place and the banks do not accept co-signers as a way to get a loan to someone with bad credit. Her husband signed a legally binding contract agreeing to repay the loan in full, you can not turn back.
Also what is the next step to take?
Talk to your parents. Convincing them to sell the car and use the money for the debt. You still owe the difference, but will be less than $ 13,000 to pay if we keep the car. Unfortunately you can not force them to sell the car because their car legally, their names are on the title, not yours, so not only can make and sell. You can only try to reason with them.
If your husband can get his hands on the car that can serve as the bank so they can recover, and should reduce the amount of demand. Can not be sold to a third party if not his own, but once the bank gets its hands on him there is no legal way for parents to come back unless the money to repay the loan.
The only way to get your name removed
is to have your parents get a new loan in your name only that I doubt will happen. Although I would not recommend it, but you can talk to a bankruptcy attorney and see what your options are. Usually, the first visit is free. I realize the damage is already done but I hope I never learned to co-sign for a friend or family member in the future.
The fact that their own parents refuse to deliver the car knowing that your child (and you!) Will be held financially responsible is negligible.
It must deliver the car today so the lender can auction and in-laws must pay what is the difference.
If your husband is the "main", then he does not "cosign," which coborrowed. Whose name (s) is / are the vehicle's title?
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