My wife purchased a car in only her name and her ex husband agreed to make the payments while they were still married for their daughter. We just found out that the car was repossessed. We are currently trying to purchase a house. I can afford the house myself but I want her credit to not be negatively affected. What can she do?
She can pay or settle the entire deficiency herself. The lender will not let her out for her half, only. This will update her credit to a paid collection, which will help. She is legally responsible for the entire deficiency balance. The lender was not required to send her a separate notice of default and notice of sale. They are only required to send notices to the address on file, which I assume was mailed to the ex huband or the daughter, who did not tell her. If they told her, she must not have realized the consequences. Good luck.
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