Legal Question in Credit and Debt Law in California

cosigner for a student loan

I co-signed a loan for my husband...now the loan company is demanding that i pay before they tried to make him pay

as a co-signer I'm I not responsible to pay a debt ONLY if has been proven that the primary signer is not able to?

please advise

thanks


Asked on 8/30/05, 4:33 pm

1 Answer from Attorneys
Carl Starrett Law Offices of Carl H. Starrett II

Re: cosigner for a student loan

It is impossible advised you without looking at the terms of the note. If you are a co-BORROWER, you are equally liable. If you are a true co-SIGNER, then traditionally the lender only looks to you for payment if the borrower is in default.

If you are a co-signer and your husband is failing to pay, his ABILITY to pay is irrelevant. His FAILURE to pay would usually trigger the lender's right to demand payment from you.

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Answered on 8/30/05, 4:46 pm


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