How to Get Someone to Pay on a Co-Signed Loan
My question involves collection proceedings in the State of: TN
My elderly folks co-signed on a personal 45K loan with my sister and now ex-brother-in-law 4 years ago. The ex-brother-in-law stopped paying on the loan after about 1 year - and my poor folks have had to pay on it since then. How is the best way to legally get my ex-brother-in-law to pay on this ? Any guidance would be appriciated!
Re: How to Get Someone to Pay on a Co-Signed Loan
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How is the best way to legally get my ex-brother-in-law to pay on this ?
well, making him pay may be impossible. Your parents can sue the guy for the money which would give them a judgement they can try to collect. There may be some way to they can attach wages or property but other than that?
Not much you can do.
Re: How to Get Someone to Pay on a Co-Signed Loan
Agree, a lawsuit is probably the only option.