debt collection relief brooklyn

my parents are 86 and 85 years old. my mother was asked to cosign a loan with ge money bank which she did. The primary signer has not paid the monthly payments. The bank now is asking for payment from my mother. My parents live in the state of new york. The only income my mother receives is a social security check of 680 dollars. She does not have any bank or savings accounts. The only asset they own together: my father and her is the home in which they currently reside. My question is can the bank put a lien on my parents house as as a result of her not paying the loan as a cosigner? What other recourse does my mother have in trying to stop the bank and collection companies from sending her correspondence?

[Law200]

See http://www.worldlawdirect.com/article/935 -- Collecting on a court judgment.


They would have to sue before they can take any action.

[George]

Originally Posted by Unregistered my parents are 86 and 85 years old. my mother was asked to cosign a loan with ge money bank which she did. The primary signer has not paid the monthly payments. The bank now is asking for payment from my mother. My parents live in the state of new york. The only income my mother receives is a social security check of 680 dollars. She does not have any bank or savings accounts. The only asset they own together: my father and her is the home in which they currently reside. My question is can the bank put a lien on my parents house as as a result of her not paying the loan as a cosigner? What other recourse does my mother have in trying to stop the bank and collection companies from sending her correspondence?

May I suggest that your parents transfer the title to their home into your name ? This way, their home will be protected from lien, and no doubt you would own the home anyway once they are deceased.