Legal Question in Credit and Debt Law in North Carolina

car loan deficiency

I have a friend who cosigned on a car loan, the car was repossessed and auctioned off. The loan company is now trying to take & auction off my friend's house (which is not paid for and is in his & his wife's name) to pay off this deficiency. We live in North Carolina, can they take his home, does he have any options?


Asked on 3/10/08, 1:55 pm

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: car loan deficiency

Your friend should contact an attorney. I don't quite understand how his home is being auctioned off. If they are pursuing a deficiency judgment against him only, they should not be able to reach real property held jointly with his wife in NC. They would need a judgment against him and his wife to do that.

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Answered on 3/10/08, 2:05 pm


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