If I co-signed on a private school loan which is now default, can I sue the main borrower?
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If I co-signed on a private school loan which is now default, can I sue the main borrower?
I dated a guy 12 years ago who was in grad school at the time. He used the, “Baby it’s our future” line to get me to co-sign his private loans. He has been in default for years and now. I know I can’t get off with the lendor but do I have a right to sue him or garnish wages for not mking his payments? If not, I plan on taking life insurance out on him but will require that he sign it and take a phyiscal. Is there a way I can make him sign this if suing him isn’t a option?
Asked on April 3, 2012 under Bankruptcy Law, Oklahoma
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You can't take out life insurance on another without their agreement, so that's not an option. However, you can sue him for the payments which he should have made; you would sue him both under the loan agreement and also under any agreements between you and him as to who would pay what. You should speak with an attorney about bringing a lawsuit; if you sue him and win and he still doesn't pay, you may then be able to put a lien on real estate, garnish his wages, execute on personal property (e.g. have a vehicle or applicance seized and sold), and/or levy on his bank account (have money taken from his account).
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