Hi, I cosigned for a vehicle, and the person I cosigned for is, of course, a crook. I was hassled daily for months about back payments - she would make one and then they would start calling again. This went on and on. She had possession of the car and I begged her to just turn it in, but despite promises, she did not. Finally the car was repossessed with my help and the help of her sister-in-law. Meanwhile I was being threatened within an inch of my life by the repossession company.
I know I'm responsible, but that's not my question. I have received a bill for $8,000. Now, I know of another situation - the identical problem - that took place in New Mexico. The car was in New Mexico, but the lender was Bank of America in Texas. This guy didn't pay and neither did his cosigner, who claimed identity theft and had an attorney. Eventually the lender offered a settlement of $5,000, down from, I believe, $7,000. Nothing was ever paid on it.
Okay, the questions (and by the way, I'm on the title of the car)
1. How long before the lender can take money from my bank account or put a lien on my house? The first notice I received that the car was sold was June 20, and I just received a phone call yesterday - they probably want their money.
2. Is there any chance of them offering a settlement or of me making a settlement? I am willing to pay because I made a dreadful mistake, but if there's any chance of paying less, I'd like to.
3. Is there any way to repair my credit after this mess?
Thanks.

