My husband cosigned on a loan for $50,000. The business that he cosigned with removed all of the funds from the account and is refusing to pay the loan. What options does my husband have? Is there a way to hold the business owner accountable for the money and have my husband removed from the loan?
The bank that made the loan wanted your husband's signature for this very reason. If they believed there was a chance they wouldn't be repaid, they want an alternate source of repayment, and for this very reason the bank won't release your husband of liability. He may be the only way they can get paid. Your husband may have to seek recourse against that company with an attorney and possible legal action.
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The bank that made the loan wanted your husband's signature for this very reason. If they believed there was a chance they wouldn't be repaid, they want an alternate source of repayment, and for this very reason the bank won't release your husband of liability. He may be the only way they can get paid. Your husband may have to seek recourse against that company with an attorney and possible legal action.
