Legal Question in Credit and Debt Law in Texas

co-signer rights

I helped my sister who lives in Ky. by co-signing on a manufactured home loan. They are in a lawsuit with the bank and the home builder. The trailer has been removed from my sisters land. They are in mediation at the moment to get this matter settled. Their lawyer says I could be responsible for the difference of what they get for reselling the trailer and the loan balance. I was never notified by the bank on the lawsuit or that the trailer has been repoed. Do I have any rights.


Asked on 3/21/00, 2:46 pm

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: co-signer rights

It depends upon whether the contract allowed for a right of notice upon default by the principal party. If not, the next notice you will receive will be a copy of the lawsuit for the deficiency.

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Answered on 3/27/00, 6:54 pm


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