About 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 30 years experience negotiating disputes and resolving financial issues related to consumer debt, corporate debt, and mortgage restructuriing.
Question Hello,
I was wondering if you could help me with some advice.
i co-signed for a auto loan for my friend, I know I made the bigest mistake ever. For a year he made the payments on time but now payments are late 10 to 15 days and my credit droped dermaticly. I was wondering if there's a way of getting out from the loan. He has the car and he has moved away. I hope you could advice me with something.
Thanks
Answer You deserve a spanking for this one. I hate co-signer loans. They almost always go bad and the co-signer ends up paying for it financially and with their credit.
The only options you have is to file suit against him and try to repossess the vehicle yourself and try to sell it. You would have to make the payments to avoid damaging your credit further. You absolutely do not want the creditor to repossess it. Even if they are cooperative in your indeavors they will count it as a repo against you.
You have the right to notice when the account is late and you may want to try to get your friend to sell it voluntarily but you are obligated and there is no way to remove your name from the loan without him refinancing or somehow paying the loan off. They cannot alter the contract by scratching your name off. It cannot happen.
Send your friend a ceritified letter asking him to surrender the vehicle to you or pay it off within 30 days. If he does not cooperate file the suit. This is going to be difficult if he is out of state as you will need to be there for court, but you have to do what you have to do.
Please note that unless your name is on the title you have no legal right to repo the vehicle unless you get a court order. You have to file suit and convince the judge to allow you to repossess and sell it. This can sometimes be an uphill climb as some judges will make an example of you for co-signing for a friend and not abiding by the agreement. They can someimtes be more in favor of the borrower than the co-signer. Judges do what they want and there isnt much you can do to change things. Not fair but that is how thingss work.
You may also want to consult with a local attorney in your area before you proceed.
