Signed cosigners name

[Semologger]

What is the name of your state (only U.S. law)? Missouri
I have a note that a friend cosigned on 4 years ago the note came due and renewed it for a year my friend dosent like the bank so he told me to just go ahead and sign his name. Now me and him are not talking. What can happen to me? The note was for $50,000.

[LeeHarveyBlotto]

Originally Posted by Semologger

What can happen to me? The note was for $50,000.

Anything from nothing to your going to prison for forgery. I'd suggest getting the note paid off yesterday.

[latigo]

If what you say is true, then you haven’t committed the crime of forgery. (Otherwise half of the housewives in the country would be in the clink.)

But you have to admit that on the face of it, it does sound a bit suspicious.

Because the obvious looms:

Why would this erstwhile “friend” authorize you to appear to commit him to a debt of $50K in favor of a bank he “doesn’t like”? Let alone a bank he does like?

UNLESS the friend was motivated by the fact that if the loan was not renewed, the bank would call it and come after him. Plus he may have been setting you up to later declare to the bank that he didn’t sign the renewal. And that by renewing the loan and changing the initial terms of the loan that would legally let him off of the hook.

How long ago did this occur? Does the bank have knowledge that you and not the friend signed his name? I am assuming that the bank doesn’t know.

And if the bank doesn’t know because he has not told them, his silence would be an admission that he gave you authorization. Hence, no crime.

He is probably just as upset with himself as he is with you for doing such a dumb thing in the first place. But if the bank has not called the renewed loan on him, how would he know that you signed his name unless he told you to?

I would also like to know whether he in any way benefited from the initial loan (directly or indirectly), and was the loan secured in any way, and if so, with what.

One thing seems certain. Whoever it was at the bank that renewed this loan without personally witnessing the guarantor’s signature will be looking for other employment.

Now give me some feedback.

Sax

[LeeHarveyBlotto]

Originally Posted by latigo

If what you say is true, then you haven’t committed the crime of forgery. (Otherwise half of the housewives in the country would be in the clink.)

Why do you come on here and give obviously incorrect information? Why do people clearly not qualified to give legal advice want to come on here and pretend?

[tranquility]

If I go into a neighbors house at night and take a DVD player I think I have rights to, that's not stealing. But, tell that to the cop who sees me exiting the house with the player with the homeowner telling him I'm stealing it.

Same here. Saying you had permission and actually having permission are very different things as to intent. You have a problem. See an attorney.

[LSCAP]

I think the op is gone. but,

What is the problem? Is it because you can't make the payments?

[Antigone*of*Greece]

Originally Posted by LeeHarveyBlotto

Anything from nothing to your going to prison for forgery. I'd suggest getting the note paid off yesterday.

I agree with Lee, get that note paid off yesterday. If you pay off the note the financial institution will be less likely to act.

Your friend, however is another all together.