[candyfloss7]

My husband co-signed a loan private (ALPLN)- TERI for his daughters studies , it has been deffered so long and the amount is so high now , she can't pay , we know they will come after him now for the money, we have the house in Joint names and the loan was actually co-signed for before I married my husband and we were told no one can pass a judgement on the house in this case, my question is, we wanted to sell the house but are afraid that should we sell ,will the lender will be able to seize somehow the 50% of my husbands share of the house sale when it turns to cash, is there any way around this.

[JudyKayTee]

My husband co-signed a loan private (ALPLN)- TERI for his daughters studies , it has been deffered so long and the amount is so high now , she can't pay , we know they will come after him now for the money, we have the house in Joint names and the loan was actually co-signed for before I married my husband and we were told no one can pass a judgement on the house in this case, my question is, we wanted to sell the house but are afraid that should we sell ,will the lender will be able to seize somehow the 50% of my husbands share of the house sale when it turns to cash, is there any way around this.

It's in joint names - he owns it all and you own it all. Same with a joint bank account. A creditor doesn't have to divide it in half.

The lender could seize the entire proceeds of the house.

If you want to sell do it before the creditor gets a Judgment against your husband OR transfer the house into your name now, before it appears that you are hiding assets.

[candyfloss7]

Thanks for the quick reply , we are hoping we can do something before this loan actually defaults which isn't long , we will certainly look into the options you mention.

[JudyKayTee]

Thanks for the quick reply , we are hoping we can do something before this loan actually defaults which isnt long , we will certainly look into the options you mention.

I know - and in this economy... hard for parents who co-signed, hard for children who needed a co-signer.

No winners here. The best you can do is protect yourself, and that includes bank accounts.