Ask Experts Questions for FREE Help !
Ask
    jollytimes_194's Avatar
    jollytimes_194 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 6, 2008, 06:22 PM
    How can I remove my name from a shared lien.
    Ok let's try this again.

    A year ago I helped a friend buy a car. Both our names are on the loan and title. She has moved to Oklahoma I live in Kansas. And she has missed several payments. Can I have my name removed from the lien so she will be solely responsible for the payments and insurance.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Feb 6, 2008, 06:31 PM
    No, that is why you should not sign for someone that you are not sure will not pay.

    You are liable for the payments, so if they don't pay, you will have to, or they can also sue you in court and come after you, esp if you have a better chance of paying than the other person.

    But once you are on the loan, you can't get off until that loan is paid off.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
    		  
    #3

    Feb 6, 2008, 06:36 PM
    You are stuck right now for the car financially until it is paid in full.
    jollytimes_194's Avatar
    jollytimes_194 Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Feb 6, 2008, 06:41 PM
    Ok. I know that I can have her removed by having her send a statement to the bank. The bank told me this much. So why wouldn't that work for me? I think it is obvious that I need to talk to an attorney.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #5

    Feb 6, 2008, 07:14 PM
    I think you are misunderstanding something. No bank is going to let someone who signed responsibility for the loan off the hook unless the loan is paid off.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #6

    Feb 6, 2008, 07:25 PM
    No, the bank will not release either party from oweng the money, that would just be a bad idea. So you must have misunderstood, or they merely lied to you for some reason to get you off the phone that day.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to remove a lien on a social security checking account [ 16 Answers ]

A collection company has placed a lien,frozen my account, on a checking account that has my Social Security direct deposit in it. Last month I made an additional $300 cash deposit into this account. Because of that can they put a lien on the Sociel Security money. How can I remove this lien?

Remove alimony lien [ 5 Answers ]

My wife kicked me out.Had the welfare dept.place a lien on my social security check.How do I remove this lien? Leperchaun37

Shared vent [ 3 Answers ]

Kitchen sink and bathroom sink are only separated by a stud wall. Both traps drain into 2"waste line at the same height from both sides and at which point also the 2"vent goes up. So the vent is shared by both fixtures. Is that O.K.

Add/Remove Programs doesn't have REMOVE option [ 4 Answers ]

In Control Panel | Add/Remove Programs on Windows XP Home, some of the programs do not have the REMOVE button below them. WHY not? How do I remove programs from the Add or Remove Function, when it displays the program, but when I highlight it, it doesn't give the option to REMOVE it?

View more questions Search