Legal Question in Credit and Debt Law in Maine

Co-Signer Responsibilities
A close relative has cosigned for a college loan for my dependent. This relative has all his/her affairs in order since he/she is very sickly. He/she wants me to sign an agreement that I will pay for this loan if in the event my child defaults. In addition, this relative wants me to agree to having my inheritance reduced by this loan amount, if in the event she passes before the loan is paid up. What are my rights and obligations if this relative passes before the loan is paid in full?

Asked on 10/15/05, 11:59 pm

David Anderson Anderson Business Law LLC

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Re: Co-Signer Responsibilities

The documents rule. If this person's "affiars are in order" they may have already deducted the loan balance in their will.

SIgn no agreement until you have access to their final documents (trusts and wills).

If they are co-signer they are on the hook until the loan is paid, or their estate is.

Answered on 10/16/05, 7:33 am

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