My ex-girlfriend and I have a loan on a $100,000 home, we have been split up and I've been out of that house for over 2 years, took my name off the DEED, but not the mortgage. I haven't made any payments on the property since then, she is filing for chapter 7. As the co-signer what will happen to me? Will they come after me or am I protected since she is filing for chapter 7?
Thanks in advance.
2007-08-03 17:51:18 · 2 answers · asked by Wanna_Know 2 in Business & Finance ➔ Renting & Real Estate
Your name is on it, you are still liable! Next time don't go in half and half, keep it in your name and let her make payments to you. Or are you that easily blinded by love to let it happen twice? Good luck, welcome to the real world.
2007-08-03 17:57:03 · answer #1 · answered by dontblamemeivoted 3 · 0⤊ 1⤋
You have no protection under her bankruptcy. You are equally liable for the mortgage payments, since you signed the mortgage contract. You would have been wise to arrange for refinancing at the time of split up to remove yourself from financial liability. To make matters worse, you no longer have any ownership interest in the property, since you took your name off the deed.
2007-08-03 21:52:18 · answer #2 · answered by acermill 7 · 0⤊ 0⤋