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JBaxLaw, Lawyer
Category: Real Estate Law
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What rights do loan guarantors have when the guarantee stops

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What rights do loan guarantors have when the guarantee stops making payments on the loan?

I am a professional here to assist you. I appreciate your use of this service.

I see that you guarantied a loan and now the business is for sale and the loan is at risk of default. You need information about recourse and, specifically, about taking paychecks from the debtor.

The answer is that if this person breaches their obligation you may file a civil suit. You need a judgment before you may reach wages for garnishment. That means the civil suit would need to occur first. Before the civil suit may occur the loan agreement must be breached by this debtor. There is recourse, but only upon breach. It sounds like that may have occurred given the failure to make payments.

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