If I’m the cosigner for $15,000 personal loan and the borrower stops paying, am responsible for this loan?

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If I’m the cosigner for $15,000 personal loan and the borrower stops paying, am responsible for this loan?

Can I sue borrower to get my money back or to make them continue paying for this loan?

Asked on October 26, 2012 under Bankruptcy Law, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Since you are a co-signer on a loan for $15,000, if the primary borrower stops paying on the loan, you are then liable to continue payments. In order to protect yourself, you need to continue paying on the loan and then sue the primary borrower for the monies that you have paid on his or her behalf.


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