If you co-signed on a loan for someone is it possible to sue them for the reamainder of the loan so you can pay it off? I co-signed for someone who keeps missing their payments, if not suing what are some other options?
2007-08-15 11:04:22 · 5 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
He cannot refinance, his credit isn't good enough.
2007-08-15 11:10:07 · update #1
That's why the lending institution demanded that you co-sign! If you have no agreement with him regarding primary responsibility of payments (and that you can collect from him if he misses), you're on the hook to pay the loan. It's possible that you can sue him in small claims court, but for what? Talk to an attorney, even someone at legal aid, to help you, but I think your chances are slim.
2007-08-15 11:28:17 · answer #1 · answered by Perdendosi 7 · 1⤊ 0⤋
You can't get blood from a stone. Basically if the guy is broke suing him will just get you a bunch of lawyer's fees you will have to pay. There is no enforcements of lawsuits so even if you win he won't pay you back. Basically I would call the bank and tell them you wish to foreclose on the loan and let them come and take the car away.
2007-08-15 18:13:31 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Then you have no choice but to somehow get money out of him or prove to a judge that you payed more often and that he missed out on many payments so that you will get what you co-signed for and take possession of it
2007-08-15 18:15:03 · answer #3 · answered by KimJongIl 2 · 1⤊ 0⤋
You can only sue them for your actual out of pocket costs, whatever payments they agreed to make that you made.
2007-08-15 18:24:03 · answer #4 · answered by open4one 7 · 1⤊ 0⤋
Refinance the loan so that you are not on it.
2007-08-15 18:09:35 · answer #5 · answered by Anonymous · 0⤊ 1⤋