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Co-signer On 2nd Mortgage

Discuss the legalities of Bankruptcy Law

Co-signer On 2nd Mortgage

Postby Gerhard » Thu Mar 17, 2016 7:51 pm

I'm a co-signer on my mother's 2nd mortgage.  My mother can no longer support herself and I think her only option is bankruptcy.  Do I still have to pay the balance of the 2nd mortgage or can it be discharged in the bankruptcy?  What effect will this have on my credit?
Gerhard
 
Posts: 47
Joined: Sun Feb 02, 2014 4:26 pm

Co-signer On 2nd Mortgage

Postby Garlyn » Thu Mar 24, 2016 2:32 pm

As a co-signer on the mortgage you may still remain liable for the mortgage even if the debt is discharged in bankruptcy for your mother. The mortgage company can turn to you to repay the liability which in turn will likely affect what is reported on your credit report, ex: status 30 days late. If you need further assistance you can contact us through: http://www.socaladvocates.com
Garlyn
 
Posts: 41
Joined: Sat Jan 11, 2014 5:26 am


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