co-signer

[kddavis]

What is the name of your state? WA
when i divorced my exhusband we stated in our papers that he was responsible for his mobil home and i for mine. i was a co-signer on his. i have remairried and he let his house be reposessed. i have been contacted by the lending company and we made a verbal agreement in 7/2002 that i would pay 900.00 and they would remove the repo from my credit. because of some financial difficulties the lending company said I could make a smaller payment to them. they did not tell me that the 900.00 agreement would then not be valid. the problem now is that the lending co. has been bought out and they want me to pay 7500.00 instead of the 250.00 i still have owing. since our verbal agreement to pay the 900.00 the lending company has added $ to the balance. the original home was bought for 28,000.00 the amount owed at the time of the repo was 24,000.00 the lending company sold the home to another company that sold the home for 32,000.00. what am i liable for?

 

[JETX]

Regretably, unless you have something to the contrary in WRITING, due to your status as co-signer, you AND your ex are both liable for the full amount owed. If they can't collect from him, they will (and have) come after you for payment.

As to how much you owe, that is much harder to determine.
Your post says that the outstanding principal was apparently $24,000 (plus any costs of sale, plus interest to date of sale) and that the lender then sold the property to 'another company'. Does this 'other company' have any affiliation or connection to the lender?? How much did they sell it for (to that 'middle' company)??? It makes no difference how much the middle later sold it for..... unless they violated the 'clean hands' principal. This simply means that Company A cannot have an interest in the buyer ('Company B'), who later sold to Company C.

I suggest you contact the lender in WRITING and request ALL documents as to the repossession, costs of sale, sale price and name and contacts of the buyer. Once you get this information, you can then investigate to confirm that the lender has 'clean hands' in the sale and what the correct amount might be that you owe..... and to whom.