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Co-Signed a Mortgage |
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A couple of years ago, my husband and I co-signed a loan to refinance my mother-in-law's condo so she could take out some of her equity, because of her credit and unable to qualify on her own. My husband and I have since purchased our own first home. My question is, if for some reason my mother-in-law can no longer make her payments (we do not make payments for her condo, nor do we claim taxes for that property) and the property goes into forclosure, can the bank come after our property & put a lien on our own home because we are also her mortgage? |
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You are personally liable for that whole debt. I would guess that a judgment could be placed on your property, but I'm not a lawyer and you'd want to double-check that with your own attorney. |
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Edith
Originally published on August 28, 2008 |
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