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Collections Law/I COSIGNED AND NOW IM GETTING SUED
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Question
hello, i consigned for my son, when i was working but i was hurt and became totally disabled also my son lost his job and he quit paying on his motorcycle so they are threatening to sue me because as they say he has no assets and i do i am 1/2 owner of my home what can i do and what are my rights..p.s. i told them to call him and they refused saying he has no assets and is un collections
Although they can file suit it is unlikely they can get anything from you. Even if they get a judgment they wont take your home. Your disability is exempt from garnishment and if you have no other assets they cannot collect it any other way. The worse that could happen is they get a judgment and place a lien on your property. They cannot foreclose.
Write them a letter informing them of this and advise them to contact your son and he will pay it once he is back to work. Include the statement "please cease and desist all contact". Send the letter by certified mail return receipt requested. This should stop collection calls.
Relax. The ball is in your court.
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | thank you for putting me at ease i was very frightened of loosing my home, and the things i worked so hard for all my life god bless yoy and merry christmas | ||
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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