If you cosigned on a car loan and the primary defaulted now the lender is threatening to issue a judgment against you what does that mean and how do judgments work?
If you cosigned a car loan and the primary defaults, you are now
legally responsible for repayment of the loan. If payments are not
made on the loan the vehicle may be subject to repossession by the
lending institution. As the cosigner on the loan you have
guaranteed that if the primary does not make payments YOU WILL. If
you do not want this situation to adversly affect your credit, make
sure the payments are made. A legal Judgment is issued by the
court, and is an attempt to collect a debt that is owed the
plaintiff/lending institution. This could include repossession, or
deducting the payments from your payroll checks.
How long will it take from the date of the notice of Judgement
is sent to your house.Is it 10-day grace period and 30 days to
paperwork and court date? If so, since she is filing bankruptcy
shouldn't I file also since I'm told the loan is for 10,000 yet the
car is only worth $300.00 in a lien sale and is not worth the
repair. Is there any way to tell if the car was insured?
Help!DWood