Legal Question in Credit and Debt Law in Virginia
cosigning
My grandma is 86 years old and has never driven in her entire life. My cousin ask her to cosign for a car. She was not aware of the negative aspect of cosigning. The loan default and they came to repo the car. There is know a 12,000 dollar lien on her house. Can we hire an attorney to fight this and what recourse can her take?
2 Answers from Attorneys
Re: cosigning
The best approach is likely to attempt to negotiate a settlement in grandma's behalf that would allow the lien to be removed from her house. (Find out exactly what the 12K represents in terms of the loan company's actual loss[it may be inflated] and then see how much of that actual loss figure may be negotiated down with respect to grandma's responsibility for it.)
Re: cosigning
Yes, you should consult an attorney asap, and should have done so long before the default and lien. Good luck.
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