2007-02-18 10:55:08 · 5 answers · asked by mangoe jerry 1 in Business & Finance ➔ Personal Finance
You can try to sue them for the money is small claims court, but if they didn't pay the original loan they probably won't pay a civil judgment to you either.
2007-02-18 11:49:25 · answer #1 · answered by Heather Y 7 · 0⤊ 0⤋
If the primary borrower defaults on the loan then you need to catch the loan up as quickly as you can so that it does not show on your credit report because it will. As a loan officer, we only care that the loan is paid not whether or not the primary borrower pays it back. I would imagine you could take him or her to civil court but am not sure of your chances.
2007-02-18 19:08:02 · answer #2 · answered by Adirondack lady 2 · 0⤊ 0⤋
If you co-sign a loan for someone it is your loan as much as theirs. If they default on paying it, then you are responsible. It will go on your credit too. Don't co-sign unless you know that the person will pay it, or unless you can afford to make the payments yourself if they can't.
2007-02-18 18:58:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It doesn't matter who pay it off. After you pay it off. You can
get some legal advice.
Take Care,
Incomestorm
http://3in7s.ws
2007-02-18 19:03:53 · answer #4 · answered by Incomestorm 2 · 0⤊ 0⤋
The bank doesn't care what your arrangement with the borrower is if any.
2007-02-18 18:59:19 · answer #5 · answered by Karnak 3 · 0⤊ 0⤋