How can I exit a cosigned loan with my ex husband?
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How can I exit a cosigned loan with my ex husband?
I cosigned on a loan for a motor home before my divorce, and now I want to
either force a sale, or just be removed from the loan, or something. What
are my options, and what do I need to do?
Asked on May 28, 2019 under Family Law, Oregon
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
If you are on the title of the motor home, you can force a sale of it and use the proceeds to pay off the loan: if your ex won't agree to the sale, you could file a lawsuit to compel a sale. (Note: such a lawsuit is not a run-of-the-mill small claims case: you are advised to retain an attorney to help you.)
If you are not on the title, however, there is nothing you can do: being a loan doesn't by itself make you an owner of the motor home--only being on the title does--and a non-owner cannot force or compel a sale. If you are only on the loan, all you can do is try to negotiate something with your ex for him to voluntarily refinance the loan. (Note: the change in your marital status has no effect on the loan, so the divorce does not give you the right to be removed from the loan.)
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