Posted on: 14th Jan, 2010 03:35 pm
i am a co signer on a mortgage loan but i am not on the deed how will it effect the deed hoder if i file for bankruptcy?
Hi brindledane!
Welcome to forums!
It is quite surprising to me that though you've cosigned for the loan, you are not on the property deed. I guess that the owner of the property is not filing bankruptcy with you jointly. In that case, he/she will not be affected. However, it will be mentioned in his/her credit report that the mortgage was included in another person's bankruptcy filing.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is quite surprising to me that though you've cosigned for the loan, you are not on the property deed. I guess that the owner of the property is not filing bankruptcy with you jointly. In that case, he/she will not be affected. However, it will be mentioned in his/her credit report that the mortgage was included in another person's bankruptcy filing.
Feel free to ask if you've further queries.
Sussane
I think deed holder will loose his property.
Thanks.
Thanks.
thanks for the info
the only way anyone loses a property is if there is a payment default. if you, brindledane, are strictly a co-signer and the borrower is making payments, the lender has no reason nor desire to bring a foreclosure action. your bankruptcy simply means that the borrower must carry this debt all alone; for the lender, it means they have to rely on borrower to make all payments.
