How Can I stop a bank levy on my account?

Question

I was a co-signer for a relative to get an apartment, they got evicted, I was never notified by the Apt. owner or them that anything had occurred until I received a notice of levy from my bank AFTER I went to the bank one day to withdraw some money. I was never properly served. What legal recourse do I have?

Answer 1

You need to see an attorney. The landlord must have sued both the tenant and you, but the case has already been settled and, if the levy is about to happen, the appeal time has run its course.

Your option now is to file a motion to set aside the verdict. For that you are going to need legal advice because you are moving beyond the small claims venue that the landlord prob. used.

Bottom line tho... if your relative bailed on the rent and you co-signed you prob. owe the money. Even if you set aside the verdict and start over, you will STILL owe the money, right?

You will have to sue your relative for the money.. obtain a judgement and then wait (in line it sounds like) to collect it.

sorry... consider this as one of life's semi-expensive lessons.

Answer 2

Not as you describe the situation.

The term 'co' is Greek in origin, and means 'with'. It is a very common for people to use terms like "co-maker, co-signer, co-borrower", when they really think they are a "guarantor"

A "guarantor' signs on the reverse of the note, and their name is not linked to the note.

A guarantor is NOT responsible for payments, and in fact, cannot be called (as in "collection". Should the borrower default, the guarantor must pay the debt IN FULL, and not before.

Most people think husband and spouses are borrowers. Actually they are 'co-signers, co-borrowers, co-everything.

The common thought process is that co-signers, etc. are father daughter, nephew niece, etc.

Actually any two people listed on the Note, related or not are co-signers. Both have equal responsibility to pay. Notice to one is considered notice to both'.

If you 'co-signed' it's your duty/responsibility to insure the debt is paid, on time.
Sorry.

Answer 3

you could no longer. They get a judgement from the courts and the courts order the economic employer to furnish them the money....and there is no longer something you or the economic employer can do approximately it. i've got had that take place, too. fortuitously for me, it replaced right into a mistake and the money replaced into decrease back, yet while it hadn't been a mistake, that funds could've merely been long gone. I eventaully had to document for financial ruin.

Answer 4

Never, ever co-sign for something that you can't or aren't able to pay for yourself! No exceptions.

There is a REASON your relative needed YOU to co-sign on the lease.

Does it take this HOT MESS for you to understand the reason?