Legal Question in Credit and Debt Law in Pennsylvania
Shared property and sales of property
Hello. My issue is the following:
I am a co-signer for an automobile and am also on the title to the automobile with the primary borrower of the loan. I no longer want to be involved with the other party due to personal issues (was boyfriends mother who co-signed and is on title as he has horrible credit). They refuse to refinance or sell the vehicle. How can I either get them to refinance or sell the car so that I dont have any responsibility to the vehicle. The other issue is that the loan is $25,000, and with my outstanding other debt and current credit score (I am now overextended), I am finding it difficult to secure an apartment or home loan. Any advice would be much appreciated.
1 Answer from Attorneys
Re: Shared property and sales of property
You really can't force someone who is the owner of the loan and the vehicle to sell it or refinance it. Are the payments current? Are you being forced to pay?
Advice? Don't cosign loans.
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