My brother stopped paying his car loans.I'm also on the loan. Just bought a house.?

Answers:5   |   LastUpdateAt:2012-10-24 19:25:03  

Question
Lincoln
Asked at 2012-09-19 03:38:03
I can not afford to pay their monthly loans . Both are on the loan . He did pay for the last 18 months. What will they do now ? Can they forced me to sell my house ? My brother has really bad credit history , so you can not refinance.
Answer1♫J.R.♫Answered at 2012-09-26 04:20:03
they REPO the car , come after both by the scale. So never co - sign for anyone. Someone who needs a co - signer is not likely to honor the note
Answer2a girlAnswered at 2012-10-01 22:19:02
This is why you should never co - sign.
Answer3jwillAnswered at 2012-10-08 00:46:17
No, no one can force you to sell your home , like the asset associated with the loan - in this case his brother 's car . Can bill collectors sick about you and probably will affect your credit, but at least have had their mortgage. MedlinePlus MedlinePlus Your brother should do the right thing and sell the car to pay off the loan and avoid the headaches .
Answer4JodineAnswered at 2012-10-14 14:54:29
If payments can not be formed will repossess the car. Your credit will be trashed in the process , as if the car was in his name alone , so plan to pay higher interest rates on everything from auto loans to credit cards for himself . Then they will sell for much less than it is worth , and sue you and your brother for the difference . After winning the lawsuit that can place a lien on your home , which means you will not be able to sell without paying that money when sold . You need to have a talk with your brother about not letting that happen.
Answer5GaviAnswered at 2012-10-24 19:23:48
As guarantor to the bank that you are responsible for paying the loan in case of default of his brother . They go directly to you and your property , including your home . Although you are the guarantor of the bank can go after his first brother , but they also have the right to go through his brother and go directly to you .
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