Quote:
Originally Posted by little jacob
is it a car? why don't you apply some pressure for him to refinance or sell the car and buy a cheaper one he can get a loan for?
you still have a severe amount of exposure... since his credit is already crap it won't hurt him to stop paying tomorrow. that's why reputable lenders won't loan him money to begin with. people can end up in bankruptcy because of this stuff. there may be a bad credit lender who will loan him enough for a beater which it sounds like is all he should be buying.
you can't legally make him do anything with all the stuff he bought because he owns it but i would be trying to get him to take your neck off the chopping block any way possible
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I told him that, if he didn't make the payments, I'd find out what I needed to do to get the car sold. Basically, if he defaults on another payment, I'd have them repossess it or find a way to sell it even against his will. Both of our names are on the title, but mine's listed first. Don't know if that means I have any special rights, but I'll be finding out. I think it was enough to scare him. He started asking me how he was supposed to get to work. I told him he wouldn't have to worry as long as he made the payments.