Can a bank take your house if you finance a car through them and later on are unable to make your car payments?

Asked over 5 years ago - Bandy, VA

The details are that I want to buy a car but need my mom to cosign. She owns her own house and is afraid that if I later am unable to make the payments that they will take her house.

Attorney answers (1)

  1. Angelo Marino Jr.

    Pro

    Contributor Level 14

    Answered . The car loan is seperate from your mortgage loan; so a default on one is not a default on the other. Now, if you get a judgment against you on the car, a lien can be placed against your home. I do not practice in your state, but see my website under garnishment for some assistance. You should see a consumer lawyer in your area. For a consumer lawyer in your area, go to
    http://naca.networkats.com/members_online/membe...

    Want to know the law? Sign up for our free newsletter on varies areas of the law by sending an email to amjrpamail@aol.com and requesting the newsletter, or go to www.ConsumerLawyerHelp.com.

Related Topics

Debt

There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

Avvo advisor logo@2x

Need an answer to your questions within 15 minutes?

  • 15-minute phone call
  • Ask any questions
  • $39 flat fee
  • Money-back guarantee
Talk to an attorney now

Can't find what you're looking for?

Ask span5@2x

Ask a question on our public forum.

Ask a lawyer
Or@2x
Advisor span6@2x

Have an attorney contact you privately.

Right now.

Icon lock@2x
Secure conversation. Your details remain between you and your attorney.
Icon clock@2x
Get an answer guaranteed. Be assured that a lawyer will contact you to help with your legal issue.
Start your session now