Legal Question in Credit and Debt Law in New York
Hello, I am a cosigner of a motorcycle loan which was reposessed and is now in collections for the deficiency amount. My question is can I be sued for the deficiency before the primary borrower if he is employed and makes more money than I do? Thanks so much.
Asked on 4/19/12, 10:28 am
2 Answers from Attorneys
David Slater
David P. Slater, Esq.
Yes, you are both primarily liable.
Answered on 4/19/12, 10:38 am
simon goldenberg
Law Office of Simon Goldenberg, pllc
Yes, the lender can pursue the primary borrower and co-signer together or separately for the full amount of the claim. You may be able to negotiate a settlement for the satisfaction of your liability on the account, which would eliminate the threat of a lawsuit against you. Feel free to contact me if you would like to discuss your case in further detail.
Answered on 4/19/12, 2:18 pm
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