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since i have power of attorney how can i get my 91 yr. old mother's name off a car loan for which she cosigned ?

1 Answers. Asked on Feb 17th, 2015 on Contracts - Maryland
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My mother cosigned for a car loan over 5 years ago when she was in good health. The person she cosigned for is a poor pay and has had the car repossessed once, but managed to get the car back. The person is again in arrears and is at risk for another repossession. My mother is now 91 years old and suffers from pheumonia and dementia. She also requires 24 hour at home nursing care which has depleted most of her money. She cannot afford to pay for the car if it is repossessed again.
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Answered on Feb 17th, 2015 at 1:10 PM

I'm sorry, but absent consent from the lender, you can't.  Your mother entered into a contractual obligation while she was competent to do so.  That obligation doesn't change because she is no longer in the same financial position, or is incompetent now.

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Most people and business enter into contracts on almost a daily basis. Simply put, a contract is a legally binding agreement between two parties. One party makes an offer to do something in exchange for "consideration," or payment, and the other party accepts that offer. Contacts can be verbal, in writing or even implied. Some contracts--such as signed credit card receipts--are very simple. Others--such as those used to buy or sell real estate--are far more complicated. If you are entering into a complex transaction, it pays to hire a contract law attorney as early as possible in the process. Your lawyer can help negotiate the terms and conditions of the agreement, then draft the contract or review the contract that has been presented to you. Law firms with experience in contract law can also defend you if you or your company has been accused of breaching a contract, or if you need assistance enforcing a existing contract.
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