Legal Question in Credit and Debt Law in Michigan
co-signed loan
I co-signed a loan for someone to go to cosmatology school. she quit and isn't paying. Her husband said he would pay in the beginning now he says he never really wanted to so he won't and his name isn't on the loan paper. I wonder what my legal rights are to collect if any, as now I have to pay this thing off to the tune of about $4800. I am in Michigan and I wonder about grounds for making him pay under community of property laws, since he is the only one with income, which is through state disability.
What recourse do I have if any, I'm open to ideas. As to keep the high interest loan from uccruing any more interest, I plan to pay it off over the next six months, of course to keep from ruining my credit, and cut losses. I want her to get a job and pay me directly- figure out a way.
what is my best option?
1 Answer from Attorneys
Re: co-signed loan
You are responsible for any loan for which you co-signed. You can collect only against parties to the contract which excludes the husband. You can sue her and get to her assets which may include joint assets which she has with her husband.
(Please do not rely on this communication which does not create an attorney-client relationship and which is intended merely as a discussion of legal principles and is not to be relied upon.)
If you have any further questions or concerns, or want more specific answers, please contact me at www.lawrefs.com.
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