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    earls's Avatar
    earls Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 31, 2010, 11:13 AM
    Is a cosigner in GA. Liable if I can not pay
    I borrowed money at the bank in 1999 with a cosigner and could not pay. Bank took a judgement out on me in 11/2006. I financed a car in 11/2010 and they are going to put a second lien on it. Does the cosigner still have to have paid the note
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Dec 31, 2010, 11:33 AM

    Let me get this straight. You reneged on a car loan and now you want to stick a person nice enough to co-sign for you with the debt?

    A co-signer is responsible for a debt if the main signer defaults. Why the lender did not go after the cosigner I don't know, but that is THEIR decision. If you can't meet your own responsibilities you shouldn't foist them on someone else.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Dec 31, 2010, 11:44 AM

    The co signer is liable for all the money on this, including court costs for the judgement, costs of the lien and attorney and court fees. The lien is only one method to get some or part or all of the money. Until they are fully paid, they can come after the co-signer for every penny, If the co signer pays them in full they will have to release the lien on the car
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