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Expert: Michael Brotherton - 12/31/2007


Question
about 2 years ago my grandmother which was 80 years old co-signed with my sister to get a car, actually she thought she was co signing but she was the buyer. she did sign the papers but really did not understand. anyway the car broke down and sat in a shop for almost 1 and 1/2 years something with the motor and the warranty would not cover it. anyway my sister did not pay for the car and finally the come after the car. almost 1 year later my grand mother which is now 82 and on social sec., has dementia and is getting worse everyday got a letter from a lawyer stating that they sold the car for 6,000. and she is responsible for 18,000.00 or they will take her place and land. she does not have that kind of money nor do i . i am her power of attorney. what should i do. it is just about to worry us down. please give me some advice.  thank you and god bless

Answer
They do have the right to sue for the deficiency balance. If your gmother has assets they may attach a lien but it depends on her equity whether they can pursue foreclosure. If she has little equity they may not be interested in this. They cannot get her ss check so she doesn't have much to worry about there.

Write a letter to the creditor and explain her age and medical condition. If they sue here get an attorney to avoid foreclosure. This can get complicated and she needs to be protected. If sued be sure and go to court to inform the judge of her situation

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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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