Legal Question in Credit and Debt Law in Idaho

Co-Signer Rights
We co-signed a consumer loan on a trailer for our son 9 years ago. He did not make payments for the last 18 months...He did not tell us until a week ago, before he is being eviction. We have not changed our phone number in 12 years, our mailing address changed 7 years ago and is listed properly on our credit report. We have never been contacted either by phone or mail that he was in default. Now our excellent credit is at stake, our home and retirement funds as well, and we are scrambling like crazy to make good on the defaulted loan. Aren't the creditors required to notify us, especially since its been 18 months? They've had plenty of time to make a phone call. Surely they are as interested in getting their money as we are in making sure our credit remains good.

Asked on 10/12/05, 7:07 pm

David Anderson Anderson Business Law LLC

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Re: Co-Signer Rights

I would need to review the loan documents including the guaranty you signed. You may have an action against the creditor.

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Answered on 10/12/05, 8:30 pm

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