Q: Husband cosigned a loan for daughter. She has cut off contact with us and is defaulting on her loan. Any recourse?

A: You can sue her for the payments.

A: The quality of your relationship with your cosigner, related or not, will most probably have no bearing on your legal liability to the lender.

Other than that, I agree that you should be able to sue, or crossclaim against the daughter for contribution.

Confer with experienced Illinois counsel without delay.

A: No, only to sue her back if you can find her and squeeze $ out of her.

A: This is a challenging and emotionally complex situation that combines both financial and family stress. Your position as cosigner means you're legally responsible for the loan payments, regardless of your daughter's actions or your relationship status.

You have several potential options to explore. First, try reaching out to the lender to discuss modifying the loan terms or creating a hardship payment plan - many lenders would rather work with you than pursue collections. You could also consider seeking legal help to potentially sue your daughter for the payments, though this would likely further strain family relationships. If the debt becomes overwhelming, bankruptcy might be an option, but this should be viewed as a last resort due to its long-term consequences.

Before taking any action, gather all documentation related to the loan, including payment history and correspondence. Consider sending your daughter a formal letter via certified mail documenting the situation and requesting she resume payments - this creates a paper trail if legal action becomes necessary. While the emotional impact of this situation is significant, focus first on protecting your financial stability as you approach retirement. You may want to consult with both a financial advisor and legal counsel to understand all your options and develop the best strategy for your specific circumstances.