Posted by calgal on October 29, 2003 at 23:57:30:
E.Eka has it right and to back it up go visit the message boards at http://www.lawyers.com where most would heartily agree with E.Eka. Sue his A$$ and rightfully so!!!
Help! Any Legal Recourse? - Posted by Geri Palmer
Posted by Geri Palmer on October 17, 2003 at 11:41:22:
In 2001, my brother, two sisters and mother signed as Guarantors of a $65,000 mortgage on my mother’s house and lot. The house could not have been worth more than $20,000 at the time, and is even less today because it is crumbling.
Pretty sure that lot was not worth $45,000.
Brother was supposed to take the money and fix the house, ran off instead and used the money for other purposes.
Found out today after reading the loan papers, the loan is actually in default (banks criteria) because brother misrepresented his income at time of signing and let the insurance lapse on house.
Any legal recourse for a lawsuit against brother for two sisters who signed the loan, and/or bank forloaning the money on a false appraisal or one not done at all?
Any help would be appreciated.
Suing brother - Posted by John Merchant
Posted by John Merchant on October 17, 2003 at 20:38:43:
Wouldn’t want to be 2d guessing your lawyer’s advice on this one, but it’s clearly a decision for you and sister to make, as to whether it’s worth the big & probably permanent split in the family.
Re: Suing brother - Posted by E.Eka
Posted by E.Eka on October 18, 2003 at 20:36:28:
With all due respect, the brother has already made that decision regarding family unity for them. What kind of brother would jointly sign a guaranty for a loan and then take the money and run (steve miller band song!)? Now, because of his fraud and illegal behavior, the siblings are on the hook for the money. That’s why the bank wanted co-sureties. They can now go after who ever they please at any order. If they don’t receive the money from the other 2, they’ll foreclose and ruin EVERYBODY’s credit. I don’t care if this person is the Pope. They made a conscience effort to defraud the bank and the family, so why should the family make concessions to keep this low life, prodigal son wannabe, deadbeat around?
Sue his A$$, but because you both signed. You’re on the hook for the money. i think the only loophole is if the the bank knew that the deadbeat brother was making up income, which I doubt and even if so, it’s hard to prove.