Legal Question in Credit and Debt Law in Massachusetts

Co-signing loans

I have co-signed car loans for two sons (my mistake).

The real question: If they default, or will default, do I have any right to seize the vehicle? Or, is there any way to UN-co-sign?

At any rate, I would like to know what I can do to avoid ruining my credit.

Thank-you


Asked on 5/31/03, 6:12 pm

1 Answer from Attorneys
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

Re: Co-signing loans

If the lender allows a re-arangement, where the borrower can assume the obligation, or have the borrower take out another loan & pay off the original, or file an action against the underling borrowe -- seizure of the property is not an option, unless agreed to by the borrower;

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Answered on 5/31/03, 8:24 pm


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