Can I be held liable for a debt if I co-signed a loan?

Yes, you can be held liable for a debt if you co-signed a loan in New Mexico. Under consumer debt defense law in New Mexico, a co-signer of a loan can be held liable for repayment if the primary debtor is unable to pay. This means that you can be legally obligated to pay back a loan if the primary debtor defaults. When you co-sign a loan, you are taking on the legal responsibility for the debt just as the primary borrower if they are unable to make their payments. The consumer debt defense law in New Mexico applies to all types of loans, such as mortgages, car loans, student loans, credit cards, and other types of loans. However, it is important to note that the Consumer Debt Defense Law in New Mexico does not provide any protection for a co-signer. A creditor may sue a co-signer for the unpaid debt if the borrower defaults, plus any interest or collection fees. In this case, the co-signer could potentially be legally obliged to pay the entire outstanding debt. Therefore, it is wise to carefully consider the risks associated with co-signing a loan before doing so. Make sure that you understand what legal responsibility you are taking on and that you are comfortable with the risk of being liable for the debt if the primary borrower is unable to pay.

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Can I be held liable for a debt if I co-signed a loan?

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