Saturday, October 31, 2009

I cosigned on a student loan for someone. That person has stopped paying. Can I put a lien on his pr

Co-signing a loan makes you liable on that loan which means the bank can come after you.



Before completing the loan, you should have received something called a NOTICE TO COSIGNER which explains your rights. Hopefully, you kept this document.



You may be able to put a lien on his property only if the bank comes after you for the money. Have they?



If so, you can go to court and try to get a judgment after the borrower of the student loan. If you're successful, you can put a lien on real estate he owns. You could not, for example, put a lien on his car.



I don't know why you would want to do this because you won't get a penny unless your friend sell his property.



You're better off with garnishing his wages. But you still need to go to court and get a judgment in your favor.



I cosigned on a student loan for someone. That person has stopped paying. Can I put a lien on his property?

You need to take him to court first!

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