Legal Question in Credit and Debt Law in Mississippi

I am a cosigner on a loan where I used my car for collateral. The loan is for $11,000 and is 6 months old. I've made all 6 payments. I can't contact the borrower at all he is MIA and refuses to pay the monthly note that we agreed on. What i do know is that he has a job getting paid weekly. I am disabled and receive monthly checks. My debt to credit ratio is off the chart. I can't afford to pay this loan. I've taken out credit cards just to make ends meet to pay this loan. The credit is extended and I don't how im going to pay the remaining payments. The loan is for 5 years. Please help.

Asked on 10/24/12, 4:26 am

Timothy Matusheski Law Offices of Timothy J. Matusheski

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If the lender goes after you legally, you can file a cross-claim against the person you cosigned for.

Answered on 1/28/13, 7:05 pm

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