Q: Can I sue the person I cosign a loan for if I have to pay the loan?
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A:
Yes, you can sue the person you co-signed for if you end up paying the loan on their behalf. When you co-sign a loan, you’re agreeing to be responsible for the debt if the primary borrower doesn’t pay, but that doesn’t erase their obligation to repay the loan.
If the borrower defaults and you have to cover the payments, you can file a lawsuit to recover the money. However, this process may take time and cost additional money, so it’s important to weigh the potential benefits and outcomes before moving forward.
It's helpful to gather all documentation showing that you made payments on the loan, and ideally, consult with an attorney to understand the specific legal steps in your situation.
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