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What is the name of your state? MS
My ex husband and I obtained a loan (co-signed) about 2 1/2 years ago for a truck. Since then, we have divorced (about 2 years now) and in the divorce settlement, he was responsible for the vehicle. He maintained payments for about a year after the divorce. This past fall, he quit making payments on the truck and allowed it to be repossessed. The truck was sold by the bank and the balance owed after the sale is $9000. I received a summons last week asking me to respond to the bank about my situation. My ex has ducked the court servers so far and has been in touch with the bank about the money owed. The bank has offered to draw up papers arranging a payback schedule of $250/month for 3 years. They want both me and my ex to sign the papers. I don't want to sign this as I see this allowing my ex to further complicate my credit situation. But....as I searched my credit report, I couldn't find the loan even listed to begin with, much less the repossession.

I have several questions.....
(1) Can the bank post the loan on my credit report at this time when it hasn't been listed in the previous 2 and 1/2 years?
(2) I have 2 other vehicles (a Nissan and a Pontiac) financed through the same bank. They say they can hold the titles to these vehicles (even if I pay them off) to act as collateral for the repossessed truck. Can they do this without taking me to court? Even worse, can they seize MY vehicles to pay off the remaining debt on the truck he allowed to be repossessed?
(3) Should I sign any paperwork as suggested by the bank? I don't really think this is a good idea.
(4) If the bank is offering a new payment plan......doesn't this constitute a new agreement and can I FINALLY get my name off the truck as required in the divorce agreement?

Thanks for any help you can provide!

[HomeGuru]

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