Dealing with Debt

questions & answers

Question: I co-signed for my grandson on an auto loan. He had a great job but he had a nervous break down and was diagnosed bipolar and can't keep a steady job. He refuses to return the car so sure he's going to be able to get his life back together. It hurts so much to se him struggle. But I've done all I can do. Now they've placed a lean on my home. What can I do?

Answer: If the owner is not able to make payments, the cosigner is responsible for making payments.

 

Your grandson could try to refinance the loan and take your name off. If you have the financial ability, you could pay off the loan you cosigned or take out a loan to pay off the cosigned loan, and then have the lien removed.

If you have a judgement lien against your home, review A.R.S. 33-961-33-968 for information regarding the law in Arizona. For more information about how to remove the lien, speak with an attorney.

Comments:

QUESTIONS

  • I co-signed for my grandson on an auto loan. He had a great job but he had a nervous break down and was diagnosed bipolar and can't keep a steady job. He refuses to return the car so sure he's going to be able to get his life back together. It hurts so much to se him struggle. But I've done all I can do. Now they've placed a lean on my home. What can I do?

STORIES

  • He told me that I could actually get all the money I needed by using my home as collateral. . .
  • I just helped my mother, age 89, deal with her Medicare HMO. . .
  • Age discrimination in the workplace. . .

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