Legal Question in Credit and Debt Law in California

co-signer

about 2 years ago i co-signed for a friend of mine for an amount of $4000... i recently found out that he has not made a payment in over 8 months..i have not spoken to this friend in over a year and a half now...the collection agencies are sending me letters for court appearences... what can i do? i do not want to be held accountable for this money and i do not want my credit to continue being affected!!


Asked on 4/08/07, 5:32 pm

1 Answer from Attorneys
H.M. Torrey The Law Offices of H.M. Torrey

Re: co-signer

unfortunately the creditor can legally come after you alone, or both you and the principal borrower (your friend), as you both are jointly and severally liable. Your best option here is to either pay the entire amount back in full and then pursue your friend for reimbursement, or see if you can negotiate settlement terms with the creditor to reduce your liability, etc....you may want to retain legal counsel to immediately help you with this unfortunate situation.

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Answered on 4/08/07, 6:27 pm


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