that took place in 2003? I co-signed for a car and it got repoed a month before the owner died (4-28-03). The owner didn't have an estate. I don't remember getting anything about the car being repoed or sold, I thought that I should have atleast been notified. Now I'm getting calls and letters over this and don't have any money to pay this off. I take care of 2 handicapped brothers now and the only income I have is SSI which I can't use to pay this debt off because its their money and I cant work because I take care of them 24/7. I was just wondering what would happen if I went to court or when would they decide to take legal action against me. Also, I worked when I cosigned for this loan than something happened and I got custody of my brothers and had to quit my job to take care of them.
2007-05-01 09:23:58 · 5 answers · asked by chico01 2 in Business & Finance ➔ Credit
Repo's void the original contract so it no longer falls under the written contract status as far as the collecting SOL.
The collecting SOL falls under the UCC for a 4 year SOL starting from the date the vehicle was sold creating the deficiency.
(the sale of the repo is generally within one or two months of the actual repo)
A co-signer has the same rights as the original purchaser in that the lender must send all of the required notices before and after the sale to the co-signer as well.
If they failed to send you all of the required notices (generally within 2 years of the repo) then the repo would be considered and illegal repo.
If you have a copy of the contract, look on the back to see if you had signed the "back" of it.
The original purchaser is liable by signing the front. The co-signers liability is when they sign the back.
As far as what they can or cannot do if they should file suit "within" the 4 year SOL period depends on your states exemption statutes. They cannot touch your SSI. If you only have your SSI funds going to your bank account, they cannot touch your bank account.
If they should file suit "after" the 4 year collecting SOL has expired, you should include an affirmative defense of SOL in your answer.
You might go to the last link I have listed on my profile and do some reading and ask questions in the Credit Forum.
You will be able to find a great deal of "free" help on that site.
2007-05-01 15:37:11 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Well since you are not working there are no wages that they can garnish. They can't touch your brothers S.S.I., so the only thing left that they could do is attach bank accounts or file liens on any property you may own like vehicles, boats, land or homes.
If you have none of those in your name? There really is not much they can do.
Good luck.
2007-05-01 09:41:43 · answer #2 · answered by ? 7 · 0⤊ 0⤋
If you co-signed for it, you're responsible. It doesn't matter what your present situation is.
2007-05-01 09:38:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Call a lawyer....you're going to need one.
2007-05-01 09:28:47 · answer #4 · answered by Carl M 2 · 0⤊ 0⤋
this will appear on your credit report...
2007-05-01 10:54:05 · answer #5 · answered by sunbun 6 · 0⤊ 0⤋