Legal Question in Credit and Debt Law in Texas
co-signer of car loan
My wife out of the kindness of her heart, co-signed for her friend for a car. Her friend reneged and had the car repossessed. My wife and I are disabled and collect only SSI and VA benefits. We are getting letters from the loan company and cannot afford to pay this. What can we do and can we lose our house? thanks
2 Answers from Attorneys
Re: co-signer of car loan
Sadly, your wife's friend has severely damaged her credit. You cannot lose your house, it is homestead exempt. If the creditor takes a judgment, they can execute against your bank accounts. You have several options, make small monthly payments that you can afford, negotiate a settlement of the account, do nothing.
Re: co-signer of car loan
If you cannot pay, but want to stop harassing phone calls..put it in writing...ie, we have nothing, cannot pay, stop calling us to collect. OR hire an attorney to discuss your WIFE filing bankruptcy....but the fee should be small for your wife..and she will have to go thru credit counselling..BUT stop phone calls by sending letters..and if sued, call a lawyer
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