Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
What rights do you have as a guarantor to a loan.?
Specifically in relation to their being arrears on the loan. Husband is guarantor to wife's secured loan of £23,000, there is also a smaller secured loan of £14,000 (also with arears). The couple has split up and after 1 year the husband has moved out and the wife has moved back in to the home. Can he force the sale of the house as there are arrears on both his gurantees?
Links would be very useful
7 Answers
- ?Lv 79 years agoFavorite Answer
The guarantor has no rights.
If he has to pay any money because of the guarantee then he can attempt to recover that money (through the courts) from the person he guaranteed.
- 5 years ago
what are my rights if Ibecame guarantor to purchase my parents home as an nest egg for after their deaths. i was incarcerated and had to give my sister power of attorney and my father passed away, then my mother took ill and is now terminal. my savings ran out with less than 1yr to go and my mothers sickness benefit paid the loan off at a reduced rate. now my sister has accepted a house from the council and is taking mother with her as she is also pop for her. she thinks she can take my house and put me out.
- ?Lv 79 years ago
He is responsible for the payments including bringing the debt current. No he cannot force the sale of the property without suing wife in court and having a judge order the sale.
- MadManLv 79 years ago
If the lender has a lien on the property, then no, they cannot sell un less they pay back the loan and all the arrears.
As to your rights, you have the right to have your credit trashed, which it will be by now.
- How do you think about the answers? You can sign in to vote the answer.
- Girlie ElectricsLv 79 years ago
The loan provider will only go to the guarantor for repayment if there is no equity in the property.
- !Lv 79 years ago
Depends entirely on the terms of the guarantee and the ownership of the house. See a lawyer - don't rely on comments here from people who have not seen the terms of either.
- 9 years ago
Simple .non. If they don't pay you pay .and that the end of to days lesson in foolish questions .you are the weekest link .good by.