Legal Question in Credit and Debt Law in Louisiana

A few tears ago, my ex signed a loan along with a co-signer for a home. My name is NOT on the loan itself, althought my name was half of the name on the land we owned that was placed up for collateral. After he defaulted payment, and so did his co-signer, the bank took possession and has now placed a judgement for the entire loan on me as well as the others. Is this right??? I did not sign a promisary note, only signed a document stating i understand that if defaulted, the bank would seize my land. I dont understand.


Asked on 7/27/10, 6:10 pm

1 Answer from Attorneys
Adam Lambert The Law Office of Adam S. Lambert

If you were never a signer or co-signer to the loan, you should not be liable for any overage amount beyond the collateral. If the Judgment has already been obtained, you will have to file a petition for nullity to nullify the Judgment. You should gather all the records relating to the loan and the Judgment and speak to an attorney who practices in the jurisdiction where the Judgment was obtained.

Read more
Answered on 8/09/10, 1:32 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Louisiana