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