My father, who has a fairly advanced case of dementia, was allowed to cosign a note for a family member who now has no job and no inclination to make payments, which is why he still required a cosigner at 54. The banker who made the loan lives practically next door in a town of less than 1500 people and was very aware of the situation. My father can't afford to make these payments and doesn't even remember doing this. Does he have any recourse?
He may have recourse, but it is advised that you consult with an attorney, preferably one with a good knowledge of elder law. You should also ask for advice on how to protect your father from any future similar problems. You will need to watch for telephone and door-to-door solicitations, (regrettably) other family members that might be tempted to take advantage of your father's diminished capacity, and any signs of financial or other abuse by any caregivers that may work with your dad.
Published on BankingQuestions.com 10/21/08
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He may have recourse, but it is advised that you consult with an attorney, preferably one with a good knowledge of elder law. You should also ask for advice on how to protect your father from any future similar problems. You will need to watch for telephone and door-to-door solicitations, (regrettably) other family members that might be tempted to take advantage of your father's diminished capacity, and any signs of financial or other abuse by any caregivers that may work with your dad.
