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Can my student loan lender put a lien on my car that is jointly held by me and my boyfriend?
Anonymous2 views2 answers
(My boyfriend is in no way liable to my student loan lender.) If so, what are my boyfriend's rights? i.e. can they sell the car and if so would he, by being half owner, be entitled to half the car value and then they would take my half and put it toward my student loan or does my boyfriend have any legal rights to prohibit the car from being sold, if he does not want the car sold at all? Thanks
When you jointly own property, a creditor, with the appropriate use of the law, can come in & place a lien on the property to the extent of your interest in that property. If either of you is able to sell it without the permission of the other, your interest in that property is 100% & the creditor may be able to seize the vehicle & keep any proceeds from a sale.
Check the exemptions in your community to see what local laws protect. I am posting a link to a description of exemptions throughout the US. Hope this perspective helps!
