Legal Question in Banking Law in Wisconsin
Getting money back
I co-signed a loan for my brother which he (for the last 2 years) has decided not to pay. I want to know what my legal options are....I realize that I can't do anything because I cosigned but can he sell them? What odds do I have at getting any money back?
1 Answer from Attorneys
Re: Getting money back
Obviously if you have co-signed the loan ONLY, that does not make you a partner in the property! You only signed a guarantee to pay the loan in case of your brother's failure to do so; which he did!
However, you can later go back on your brother to pay you the amount which you paid to the bank & preferably do this through court so the lawyer can request to cease your brother from conducting any kind of sale over that property until he finalizes all his payments to you .
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