Legal Question in Real Estate Law in Oregon
I cosigned a loan with someone. this person is not making payments as agreed to which is forcing me to make the payments. what recourse do i have?
Asked on 10/10/11, 3:44 pm
1 Answer from Attorneys
Daniel Meek
Daniel W. Meek
You can sue your fellow signer for the money. But since that person is not making the payments, that person may have no money to pay you.
If you are a co-signer, you are probably also a co-owner of the property. You can go to court and force the sale of the property so you can pay off the loan.
Or you can stop making payments and allow the loan to go into default and eventual foreclosure.
Answered on 10/10/11, 7:30 pm