Monday, October 26, 2009

Can i put a lien on a person house if he defaulted on a car loan i cosign for and is repoed.i payed

i cosighned for a auto loan for my son he has been late alot also three months behind.the car is going to be repoed next week.i will pay the loan off and get the vehicle and sell it to try and recover some of my money.can i put a lien on his house for the money that i am out of pocket ?he has screwed up my credit as of now.



Can i put a lien on a person house if he defaulted on a car loan i cosign for and is repoed.i payed the loan?

You'd have to sue him (either in small claims or civil court depending on the amount). If you are successful, the court will isue a judgement in your favor. Then you can attach his home -- but seek the advice of an attorney. Also, be prepared, if not already, to never see/talk to your son again.



Can i put a lien on a person house if he defaulted on a car loan i cosign for and is repoed.i payed the loan?

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Can i put a lien on a person house if he defaulted on a car loan i cosign for and is repoed.i payed the loan?

I'm sorry to do this but you need to hear YOURSELF.



If your son has a home of adequate value that you want to attach a lien to, then your SON could've used his home equity to get the car loan in the first place.



If you son couldn't qualify for a car loan on his own, then you should have summarily referred him to what the poor folks call %26quot;public transportation%26quot;!



Co-signing on a car loan is always a lose-lose proposition as you have learned. It doesn't teach your son financial responsiblity AND it puts your credit history in jeopardy should your son not pay (which is the case here).



You assumed your son's responsibility when you co-signed the note. You gave him access to credit he doesn't deserve and sheltered him from acquiring a car the hard way -- EARNING IT.through DISCIPLINED saving.



Are you really shocked that your son basically defecated on you and your credit?



If you are, then sue him in Small Claims court or file a civil case against him -- if you feel that it is worth it.



But honestly, this HOT MESS is more your fault than his. YOU are the adult here and the elder; thus, YOU should know there was a compelling reason that the auto finance company required a co-signer for your own flesh %26amp; blood.



Not trusting their judgment and expertise was unwise.



Can i put a lien on a person house if he defaulted on a car loan i cosign for and is repoed.i payed the loan?

you will have to take him to small claims court and see what happens.

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