Foreclosure Scam

[solomon]

My husband was approached by a business friend who offered to help him by loaning him money to keep his company solvent. As the corporate secretary, I was told I needed to sign the note as a witness. However, it turned out I signed it as a "guarantor". Now, the friend has foreclosed on the property. However, there was much equity in the building used to secure this loan, and was more than enough to pay the note off. However, when there were no buyers at the foreclosure auction, the "friend" transfered the property to his business name. He than resold the property, which was more than enough to cover the original note. However, he has filed under his personal name for a dilenquency default judgment for the original amount of the note plus legal fees. As one of the guarantors, I feel I am being scammed. By simply transferring the paperwork from his personal name to his corp. name, it seems the "friend" is trying to collect twice. What legal resource do I have?

[annjd]

He cannot collect twice--the court will not let him do that if you explain what has happened.