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Ask Irwin Law Your Own Question
Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 7353
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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I co signed a loan for a friend and now he is defaulting

Customer Question

I co signed a loan for a friend and now he is defaulting saying the direct deposit is being done wrong. I've had to pay three months of payments and he keeps saying he's working on it
Submitted: 10 months ago.
Category: Legal
Expert:  Irwin Law replied 10 months ago.

Good morning and thanks for using JUST ANSWER. I understand your problem, and unfortunately it is a common one among cosigners. Do you have a specific question about your situation?

Customer: replied 10 months ago.
how can I legally get my money back ?
Customer: replied 10 months ago.
hello ?
Customer: replied 10 months ago.
is this another scam ?
Expert:  Irwin Law replied 10 months ago.

Hello again. No this is not a scam. But we are practicing attorneys and we have other business to take care of from time to time. The problem you have is a simple collection matter. In theory, you can get your money back by suing your "friend" either in small claims court or county court, depending upon the amount he owes you. You might wait until the situation gels to determine exactly how much it's going to cost you in the end. Unfortunately, if he makes no more payments, you are going to be liable for the full amount of the balance of the loan. I know this is not good news, but please don't shoot the messenger here. Cosigning notes for friends is never a good idea unless you are wealthy.Your experience proves that. Please don't shoot the messenger with a bad rating. But there's nothing else that I can tell you that you don't already know.

I hope that I have provided excellent service and, if so, would love a 5 star rating. If not, please let me know how I can further assist you. There is no additional charge to you for rating me. A bonus is not required, but is always appreciated.

Thanks again for using JUST ANSWER.

Customer: replied 10 months ago.
got it
Expert:  Irwin Law replied 10 months ago.

Great. I hope your friend gets back to making his payments. Please don't forget the rating. It's important to us. Thanks again for using JUST ANSWER.