Posted on: 02nd Mar, 2012 06:59 am
My husband & I cosigned for my sons construction company which we own half of before the economy took a dive. We bought an expensive lot to build a spec home on which we did not build on when the economy went bad. The bank turned the interest payments into full term payments which we could not make and repossessed the property. They have not been able to sell the property and have filed a judgement against us. My son has no real assets. My husband & I are in Real Estate & have been struggling to keep our business going. We still owe a lot on our home & cars. what can the bank do to us?
Hi Starswars,
If they get a judgment against you, then you will become liable for paying off the debts in full to the lender as per the court orders. On the other hand, the lender may even charge off the debts and assign it to a collection agency who will in turn come after you in order to collect the dues. Before the lender gets a judgment against you, it will be better if you could contact the lender and set up a re-payment plan to pay off the debts.
Thanks
If they get a judgment against you, then you will become liable for paying off the debts in full to the lender as per the court orders. On the other hand, the lender may even charge off the debts and assign it to a collection agency who will in turn come after you in order to collect the dues. Before the lender gets a judgment against you, it will be better if you could contact the lender and set up a re-payment plan to pay off the debts.
Thanks
Hi Starswars,
Though the bank repossessed the property, you're still liable for the loan. So, I agree with James that if they get a judgment against you, then they can come after you for payments. You can request the lender to sell off your property asap in order to get rid of the property as well as the loan.
Though the bank repossessed the property, you're still liable for the loan. So, I agree with James that if they get a judgment against you, then they can come after you for payments. You can request the lender to sell off your property asap in order to get rid of the property as well as the loan.