2006-10-07 01:33:37 · 11 answers · asked by A J 1 in Business & Finance ➔ Personal Finance
send the same question to Property Times, you will get legal guidance regarding your query.
2006-10-07 01:36:26 · answer #1 · answered by ¨°º¤•§îRîu§ ¤[†]¤ ߣã¢K•¤º°¨ 3 · 0⤊ 0⤋
As you cosigned on the note, you are responsible for the debt if the borrower defaulted. There is no way out of that. Your only option is to file suit.
Hopefully it was a secured loan and you may get the court to turn the security over to you so that you can sell it and pay off the loan. In most jurisdictions you cannot self-seize the property; the courts must authorize the seizure.
Don't waste your time talking to the lender. They're NOT going to "work" with you on this.
Consult with a local attorney for advice specific to your situation.
2006-10-07 03:34:47 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You can't make anybody do anything. At best you might have some recourse.
Sadly, I'd just strike it up as a lesson learned.
Anytime you co-sign a loan, you have to be prepared to pay the loan when they don't pay.
The bank warned you about the poor creditworthiness of this person by requiring them to get a co-signer. The banks are experts in determining who is creditworthy and who isn't....sometimes we have to listen to the experts.
2006-10-07 05:32:45 · answer #3 · answered by derek 4 · 0⤊ 0⤋
Since you co-signed on the loan, you are the default owner of whatever it is he got the loan for. I suggest that you seize that property and sell it, then use the proceeds to pay off the rest of the loan.
In the meantime, you will have to keep paying the loan, so that your own credit rating isn't affected. And let this be a lesson to you...do not EVER lend money to family or friends (or allow them to use your credit).
2006-10-07 01:46:55 · answer #4 · answered by Anonymous · 1⤊ 1⤋
It's your responsibility, unfortunately. Check out clarkhoward.com for information about money matters. He has a radio show too. This will affect YOUR credit rating too. YIKS. Pay it and then torture other person. Get the goods.
2006-10-07 01:43:31 · answer #5 · answered by jilli 2 · 1⤊ 0⤋
Threatening behaviour, I find sending a big man with a base ball bat round to the persons house usually does the trick, Dont ever become a benificiary again though it's not worth it when someone defaults.
2006-10-07 01:35:25 · answer #6 · answered by Missy 3 · 0⤊ 2⤋
get it in writing from him or her or them like a legal contract. that will bind them for it. And make sure what the laws are in your state.
2006-10-07 02:41:58 · answer #7 · answered by nbscorpio3 2 · 0⤊ 1⤋
BEAT THEM!!!
No seriously though go to the lender and talk to them explain the situation and see what happend you don't want your credit messed up!
2006-10-07 01:42:55 · answer #8 · answered by Anonymous · 0⤊ 2⤋
Kick his sorry ***. Otherwise it is down to you to pay this money.
2006-10-07 01:43:11 · answer #9 · answered by Anonymous · 0⤊ 2⤋
beat the person senseless
2006-10-07 01:41:58 · answer #10 · answered by Anonymous · 0⤊ 2⤋