What to do if ex-husband has defaulted on a loan that I co-signed for?

Get Legal Help Today

 Secured with SHA-256 Encryption

What to do if ex-husband has defaulted on a loan that I co-signed for?

If the divorce papers its 100% his responsibility, can they come after me? He cannot refinance the truck in his name due to low credit scores and I can’t take the payment on. Do I take the truck back or pay the loan off?

Asked on August 31, 2010 under Family Law, Oregon

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Unfortunately, they can do this. You cannot simply take your name off of a document in which you are the co-signor. Since you co-signed, you are gave the assurance that if your ex didn't pay, you would.  Bottom line, since the loan is in default, the lender may go after you since you are also legally obligated.

You can ask your ex if he wishes to sell the vehicle or turn it in. However, since your divorce papers assign him the responsibility for this loan, and he has defaulted, you can sue him for reimbursement of any money that you may be out-of-pocket. It won't fix your credit which has probably been affected but if your're able to get any money from him it the best that you can do under the circumstances.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption