Legal Question in Credit and Debt Law in Maine

Re: Cosigning on a loan

It is difficult to answer without seeing the documents. Generally, the terms of a contract hold. You signed the contract. If the lender kept its end of the agreement, it shouldn�t matter that your underlying relationship with the borrower has dissolved.

It is unfortunate that the issue was not taken care as part of your son's divorce, as that would ahve been the best time to address it.

It is conceivable that you could get out of the contract or, more likely, have a claim against the lender, if it failed to satisfy consumer-loan requirements at the time of the loan. You could get out of the contract by having the loan refinanced into your ex-daughter-in-law�s name alone, or otherwise having the loan paid in full. It is not likley worth much if she cannot pay, but you likely have claims against the ex-daughter-in-law to be indemnified for payments.