Co-Signer

[elainenc]

My question involves an auto loan or repossession in the State of: North Carolina
I co-signed for a mobile home, which I believe is considered a vehicle in the state of NC, it was repossessed about 5 years ago, I am making minimum payments just to keep them quiet as I'm on social security and can't afford the actual payment, I will probably be dead and gone before it's paid off. I was told by someone that after 7 years, the whole issue is dropped/waived/forgiven or whatever the correct term is, does anyone know if this is true?

[OhMy]

My question involves an auto loan or repossession in the State of: North Carolina
I co-signed for a mobile home, which I believe is considered a vehicle in the state of NC, it was repossessed about 5 years ago, I am making minimum payments just to keep them quiet as I'm on social security and can't afford the actual payment, I will probably be dead and gone before it's paid off. I was told by someone that after 7 years, the whole issue is dropped/waived/forgiven or whatever the correct term is, does anyone know if this is true?

No, you still owe the debt. Since you are making payments the SOL can not run out. However, this will keep them from getting a judgment against you.

Since your SS is safe from garnishment. Alot depends on if you own your own home and have other assets. If you do, it is best to continue as you are.