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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 46573
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I co-signed on a loan for my daughter and son-inlaw. They

Customer Question

I co-signed on a loan for my daughter and son-inlaw. They divorced and I wanted to be released from any obligation for the loan. It was a mobile home loan and my son inlaw and I and the lender signed a release and acknowledgement of release saying I was forever discharged from any and all contractual liability or obligation arising out of or in connection with that installment agreement or note. It was foreclosed on and now it shows up on my credit report. The lender now says they are going after me. Am I obligated to pay this loan. The legal document was executed by all three parties and notarized.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good evening. Just to be clear, the lender signed a document releasing you from liability from the note...is that correct? Thanks.
Customer: replied 1 year ago.

Yes the lender is Green Tree and it was signed by someone whom signed their name as a supervisor. This dates back to 1997 so it was a shock to find a $25000 debt to them on my credit report.

Expert:  Richard replied 1 year ago.
Thanks for following up. In that case, you have absolutely no liability for this loan. Furthermore, you should demand not only that the lender drop any pursuit of you for any payment, but also that they immediately revoke and rescind all credit reports regarding any liability for this loan. Let them know if they fail to revoke and rescind any negative reports, you will be filing a defamation suit against them for both actual and punitive damages..the punitive damages because they are either acting in intentional bad faith or with gross negligence.



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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 46573
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Expert:  Richard replied 1 year ago.
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