Legal Question in Credit and Debt Law in California
Credit
Cosigned on a loan for a friend. Friend defaulted on loan. Wondering if I can sue her for the remaining balance on the loan and the resulting damage to my credit. The remaining balance is under $1000.
Asked on 3/12/08, 5:13 pm
1 Answer from Attorneys
Stanley Moerbeek
The Law Offices of Stanley L Moerbeek
Re: Credit
Yes, you could bring a claim against her for indemnification and unjust enrichment. However, claims for damage to your credit are a little more problematic, since you voluntarily cosigned for her. A judge may not be sympathetic to such a claim. That is why most lawyers tell their clients, "Your signature is one of your most valuable assets. Use it wisely."
Answered on 3/12/08, 8:40 pm
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