[smayes26]

At the age of 18 my parents told me to sign for a trailer for my sister. I understood that she was first, then my step dad and then Me. So I was the co-cosigner. At that age I didn't know what I was doing. Now, 10 years later I found out that I am to co signer, and the bank is after me for the unpaid balance because the original owner is deceased. Now the "renter" is moving out. What are my legal options? The trailer cost 22K and 26K has been paid but the loan goes out 10 more years. The property is in TN and I am in TX. HELP PLEASE

[Fr_Chuck]

Whose name is on the trailer title now, at the point of her death, the property should have went though probate and been sold to pay off the debts normally,

Did you inherit 1/2 of the trailer??

But since the debt is still active and you are a co signer, you owe the money, If you don't pay, they will eventually repo the trailer and sell it, and if it does not cover the amount owed, then they will come after you for this debt.

You need to get with all the owners of this trailer and decide to sell or everyone start helping make the payments.

** leson learned, never co sign

[smayes26]

Well If I am the cosigner... then the trailer would roll into my name after my step-dad died. Right?

[excon]

Hello smayes:

In order to give you an answer that you can count on, you need to give us more information.

Whose name is on the trailer title now, at the point of her death, the property should have went though probate and been sold to pay off the debts normally. Did you inherit 1/2 of the trailer ???

The Padre's question needs an answer.

Well If I am the cosigner...then the trailer would roll into my name after my step-dad died. Right?

Apparently you don't have the answer, and that's where you need to start.

When someone dies, a probate hearing happens in court where the estate is divided according to his will, or state law if he didn't have a will. There is a public record of that proceeding, probably in the county courthouse where he lived. You can get it. Plus, I'm sure there are family members who can fill in the blanks.

Meanwhile, let me answer your question, to the degree possible with the information we have, and there is still more we need.

A co-signer, in its simplest terms, is a person who is guaranteeing the loan only. A co-signer, again in its simplest terms, wouldn't, in the ordinary course of events, inherit the property. Unless, there are more terms than we are aware of. And, you're the one who needs to supply those terms for us.

You are the co-signer on an AGREEMENT. You need to get a copy of that AGREEMENT, and see what it says. I'm sure the bank has one. Ask them for a copy.

One last question. Please tell us if your sister is involved, or not, and why she never was on the title, and why she didn't inherit even part of the trailor, if it was hers?

Let me know. We're standing by.

excon

[ScottGem]

One thing that bothers me here is your statement that "the original owner is deceased". Wasn't your sister buying the trailer? Isn't she the owner?

But as Chuck and Excon stated, you signed as a co-signer on a loan. That means you agree to pay the loan if ANY of the signers stop paying. The finance company can choose to go after the person most able to pay, in any order.

[smayes26]

Well that is exactly what I was told. My sister was buying the trailer. She gave it up and I have had a renter in there for the past 8 years. She is moving out. And this brings me to today. I have all the paper work and her name is no where on the paperwork. My step dad's is first and then my name. He didn't have anything in the will about the trailer.

[ScottGem]

Still a lot of gaps here. What paperwork are we talking about. The loan contract or title to the trailer? Those are two different things and you need to have both. I gather the step father is now deceased.

So the suster just gave up the trailer after 2 years and there has been a tenant paying rent since then? Who has been receiving that rent? Where has it been going to?

If you want us to help you, you need to give us info to go on. You are leaving too many gaps.

[Fr_Chuck]

Ok, the trailer is personal property or real property, in either case there is either a title or a deed, both of which would be filed with the county court house. On the title, someone is the owner and pays yearly personal property tax on it, if it is on a deed, then there is a deed showing who owns the property includeing the trailer.

Most likely it is personal property.

And no just because you are a co-signer it does not mean you inherit it when the person dies. I could co sign for you but if you died your heir takes over that ownership not me, I still owe on it if the new owner does not pay.

And if there was no will, if she was married, her husband normally inherits all of her property,

If not married, he children would if she had children and if small children the childrends guardian would be responsible to take care of it with the children's money if any.

If not married or no kids, then depending on her state, her brothers and sisters or her parents could inherit. But normally that would be up to probate who would have ordered the title into the new owners name.

So you first need to find out who actually owns it, and who is the first personal responsible to pay and try and make them pay.

But in the end, that is a family matter you need to find out about, in the short run, you can be made to pay if the other people won't pay. That is what a co signer is.

Inherit list is merely an example and not always the same in all areas...