I've been summoned.....

[karbourt]

Ok, to make a long story short, six years ago I co-signed on a motorcycle for a friend and approximately 3 months later our relationship ended. He was involved in a car accident and the bike was totalled and subsequently he received a check for $40,000 from the lady driving the car's insurance company. I have two questions really? #1. oh yeah, I'm in Florida. Why wasn't the balance remaining on the bike taken out of the check (did they not have a lien against the amount of the loan?) and furthermore, the bank has sold it off to several debt collectors which have harassed me over the past six years and today I get summoned by the sheriff's department because the original bank has filed suit against ME for the balance of the loan plus interest and attorney's fees. They have taken no effort to find my friend, although I can find him with one phone call. What options do I have? Do I need to sue my friend myself with an attorney to attempt to resolve this debt or should I relay all this information to the attorney's office that is after me for payment? Please help me!!!

[I AM ALWAYS LIABLE]

Originally posted by karbourt
Ok, to make a long story short, six years ago I co-signed on a motorcycle for a friend and approximately 3 months later our relationship ended. He was involved in a car accident and the bike was totalled and subsequently he received a check for $40,000 from the lady driving the car's insurance company. I have two questions really? #1. oh yeah, I'm in Florida. Why wasn't the balance remaining on the bike taken out of the check (did they not have a lien against the amount of the loan?) and furthermore, the bank has sold it off to several debt collectors which have harassed me over the past six years and today I get summoned by the sheriff's department because the original bank has filed suit against ME for the balance of the loan plus interest and attorney's fees. They have taken no effort to find my friend, although I can find him with one phone call. What options do I have? Do I need to sue my friend myself with an attorney to attempt to resolve this debt or should I relay all this information to the attorney's office that is after me for payment? Please help me!!!

My response:

You're on the hook because you co-signed the loan. The bank can go after you or him - - it's their choice.

Now, you need an attorney because you need to file an answer to the complaint, and to write and file a Cross-Complaint against your friend. He's the one who's got your money.

Do not tell your friend that this is what you're going to do. If you do, he'll disappear - - I guarantee that.

IAAL