Legal Question in Credit and Debt Law in Michigan

If you cosign a loan and the one you cosign for will not pay the loan can they be sued for the money?


Asked on 6/05/11, 5:46 pm

1 Answer from Attorneys
Audra Arndt Audra A. Arndt & Associates, PLLC

The person who extended the loan would need to sue them. Did you mean could you sue them for the money? You can only sue for the amount in which you have been damaged, such as if you made any payments on their behalf, and/or damage to your credit. You both will be sued by the creditor if the loan is defaulted on, unfortunately.

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Answered on 6/06/11, 2:15 pm


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