I got a house in my name. My brother was a Co-sign. He filed for bankruptcy. Can he filed for that and I'm the account holder? If so, he let it go backk as a repo. Will it show up on my credit?
2006-11-03 03:35:18 · 10 answers · asked by deangelohinton27 1 in Business & Finance ➔ Renting & Real Estate
yes to all of the above. becasue he is the co-signer his name is still on that loan and it could be claimed on the bankruptcy or even forclosed on. you should talk to a lawyer as well so you can find out what can happen and what you can do about it.
2006-11-03 03:53:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
First of all he does not need to file the bankruptcy on the house, he can exempt it. I would suggest calling the place where you pay your mortgage payments to and talk to someone who can advise you what to do. You don't say how long ago you financed the house. Maybe you could refinance it and get it in your name only now if it has been a while and you have built up your credit. If it does go back as a repo it will show up on your credit but you do have the right to put an explanation as to why it happened on your credit report. I would start with the financing first though.
2006-11-03 11:40:51 · answer #2 · answered by brendagho 4 · 0⤊ 0⤋
Your brother could not be a co-signatory to a house. The house is either in your name or not, meaning both your names appear on the title. Check the legal documents and registation of deeds.
If you were a cosignatory to his loans, then you may be asked to pay for the loan you cosigned
If he co signed your loan, and you defaulted on the payments, then the banks will go after him for payments to your loan.
The answer to your question lies with the registry of the house. If his name appears as an owner, then yes the bank can put a lien on his portion of the house , and there is a possibility in the future that it may be seized then used as repayment.
If only your name appears, then the answer is no.
2006-11-03 11:48:06 · answer #3 · answered by QuiteNewHere 7 · 0⤊ 0⤋
As a co-signer, he is obligated to pay if you don't. The Bankruptcy may discharge that contingent obligation. While the lender may not like this, there's probably nothing they can do about it.
The question is whether you are keeping up the payments or not. If you are, you should have no problems. It isn't your bankruptcy.
If the house is in your name, he doesn't have the option to "let it go back". It isn't his house. They can't sell it to liquidate his debts, because HE co-signed for YOU, that doesn't make YOU responsible for HIM.
2006-11-03 11:42:43 · answer #4 · answered by open4one 7 · 0⤊ 0⤋
I can only say: "What credit was that?" The worst thing you can to to ruin your credit is to default on a mortgage. I am sorry for you trouble, but that is a fact of life.
Good Luck.
2006-11-03 11:38:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Ok are you living in it?
Are you going to keep it?
If you are going to keep it and are paying payments on it it won't go back....
Just make sure and keep up the payments....
Since he is just a cosigner then it shouldn't effect your credit as long as the rest of your credit is good....Good luck and
God bless
2006-11-03 11:39:19 · answer #6 · answered by TRUE GRIT 5 · 0⤊ 0⤋
YES, it will definately affect you...especially if has gone to repo. Im sorry
2006-11-03 11:40:28 · answer #7 · answered by moomoo 3 · 0⤊ 0⤋
It shouldn't affect you, but check with the lending bank.
2006-11-03 11:37:11 · answer #8 · answered by ndtaya 6 · 0⤊ 0⤋
It may affect you, you need to find out asap.
2006-11-03 13:40:30 · answer #9 · answered by Nattiedred 3 · 0⤊ 0⤋
it definitely will show up
2006-11-03 14:14:32 · answer #10 · answered by roddy414 2 · 0⤊ 0⤋