Legal Question in Credit and Debt Law in Massachusetts
About two years ago I co-signed a loan for a business vehicle with a mutual friend of my wife and myself. I just recently found out that the vehicle was repossessed back in November. I was never made aware of the situation and never had the opportunity to avoid the repossession. I came to find out that the reason the vehicle was repossessed was because he was arrested and detained for being an illegal alien. I was never aware of this and at the time of the co-signing I was under the impression he was a legal resident considering his wife was a green card holder. I am now being told I am responsible for almost $13,000 on this defaulted loan.
Do I have any legal recourse considering I co-signed this loan under false pretenses? I would never had co-signed with someone who was an illegal alien and ran the risk of being deported at any given moment.
1 Answer from Attorneys
Generally speaking, an agreement can be voided if, at the time the agreement was signed, both parties were mistaken as to a fact which was material to the agreement, and neither party assumed the risk of mistake. Whether this applies to you is dependent upon the facts of your specific situation. Please feel free to contact me direct for a free initial consult;)
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