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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 34345
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I have a friend that co-signed a loan for a car for a friend

Customer Question

I have a friend that co-signed a loan for a car for a friend not knowing that he would ultimately be responsible for the loan if the other person did not pay. He receives a disability check for post traumatic stress and depression.he can't remember what he did from one day to the next. He is on 10 different medications He is also on dialysis three times per week and has a heart condition, cannot walk 20 feet without having to stop and rest. Clearly he was not in his right mind when he did this. How can he have his name removed from this loan?
Submitted: 5 months ago.
Category: Legal
Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Expert:  Barrister replied 5 months ago.

Unfortunately, the only way he could be released is if the lender agreed to voluntarily release him, and this isn't very likely as they have two people on the hook for the debt now.

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But if his only income is disability, then that is exempt under federal law if the car owner defaulted and they tried to come back and sue him for the debt if the car owner let it get repoed and sold.

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thanks

Barrister