English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

This was a construction loan on a home. Co-signer did not authorize or sign on a 2nd note. Borrower is in default and possibly foreclosure. Current total obligation is higher than market value of home. If property does go into foreclosure how can the co-signer prevent being responsible for the 2nd note? No cash available to just dump into property.

2006-10-16 12:59:47 · 2 answers · asked by COINNEED 1 in Business & Finance Other - Business & Finance

2 answers

You co-signed on the first loan... so I'm afraid you're liable for that portion. As for the second loan, without your signature as a co-signer I don't really see how they can make you liable. You might need to hire a real estate lawyer to sort this one out... this could be a mess.

2006-10-16 13:41:13 · answer #1 · answered by Mike S 7 · 0 0

co-signer of the 1st loan is not obligated to the second but if the first is called because of default on the second or any other reason, the co-signer will be held liable for the first and only the 1st.

2006-10-16 20:04:48 · answer #2 · answered by tbear 5 · 0 0

fedest.com, questions and answers