If I co-signed a loan for my nephew and now he not paying anymore, is there any action that I can take?

Asked on March 13, 2012 under Bankruptcy Law, Washington

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You could sue your nephew to recover the amounts you have to pay, as a cosignor on the loan. (Remember: you are as liable, as a cosignor, as your nephew is.) Your nephew is obligated under the loan and you may sue to enforce that obligation. While you are doing this, it is important that you pay the loan as per the agreement; if you do not, the lender could take legal action against you and/or report your default to the credit rating agencies.


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