Loan guarantor

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17 Jan 2009 12:00 AM by Jewel Star rating. 33 posts Send private message

If you guaranteed a loan for someone (ie signed at the notary as guarantor of the loan, not a mortgage)  and the borrower fails to make repayments for 3 months then can you, as guarantor simply pay the arrears and make the monthly repayments in future?  Or does the bank have the right to call in the entire loan amount oustanding and take action, such as embargoes, (if guarantor doesn´t have that money lying around), against the guarantor?





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17 Jan 2009 8:00 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar

as guarantor you can  simply pay the arrears and make the monthly repayments in future.

A conversation with the directos of your branch is recommended.

Maria



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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19 Jan 2009 2:26 PM by Jewel Star rating. 33 posts Send private message

THank you Maria, that´s a weight off my mind!!





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