QUESTION
A borrower contacts a lender & changes the terms of the loan without contacting the cosigner. The co signer wants out of the contract. Solution?
Asked on Dec 17th, 2024 on Business Litigation - Florida
More details to this question:
This is not a mtge issue.A family member requested a loan, but needed a co signer. The co signer also a family member agreed. However, the borrower has changed the terms of the loan without notifying the co signer. This is not acceptable with the co signer. The co signer had requested to have his name removed. This is denied. What recourse does the co signer have now
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
In theory co-signor can sue for breach of contract or a declaratory judgment action to be released from the terms. This ALL supposes that the loan document doesn't include waivers to the co-signor for modication by the primary parties. You will likely need to retain a lawyer to review the document and then aid in deciding what to do.
Answered on Dec 17th, 2024 at 12:26 PM
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