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My Mom Cosigned for a Car Loan for Me. – Diana

By on December 28, 2009
My Mom Cosigned for a Car Loan for Me. – Diana

“Dear Steve,

My mom cosigned on a car for me …to make a long story short this was in 2006 the car was repo and sold for less then owed ..and my mom is mentally ill what should I do?

Diana”

Dear Diana,

I’m afraid your options are limited. Someone will either need to pay the debt or she might have to go bankrupt to end her responsibility for the loan.

Does she have debt besides the loan?

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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