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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 116716
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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About four years ago without knowing the consecuences ...

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About four years ago without knowing the consecuences I cosigned a student loan for a friend''s son as a favor beacause my freind didn''t qualified for it. he told me he would be responsible for it, now they are defoulting on those payments and i am the one being harrased by Sally maid(lending company) on their defoult. I must have met this son of my friend once or twise in mi life but because my soppously friend at that time was giving me a job to support my family i did not think i should have denied that favor. would you please tell me how to get out fo this situation or if there is legal action I can take against his father or the borroer. Thanks. Carlos Vigil
Submitted: 9 years ago.
Category: Legal
Expert:  Law Educator, Esq. replied 9 years ago.
Unfortunately, once you co-sign on a loan, you are responsible in the event the other party does not pay. By co-signing you are saying that you will pay if the other party does not pay. The only recourse is that if you are sued and forced to pay, then you can file a suit, or name the other party as a third party in the suit against you, and seek reimbursement from that party. Other than that, the only thing you can do is try to get the father to take a loan and get you out from under the original loan.

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