Posted on: 30th Nov, 2007 08:58 am
I was in a relationship in the past, and my ex convinced me to sign on a 2nd mortgage on her home, to pay off her original 2nd mortgage and some of her credit cards. She still had a 1st mortgage just in her name, and the 2nd mortgage in both of our names. Shortly after we seperated, she refilled her original 2nd mortgage...So she had a first, 2nd, and third mortgage on her home, with me on the 2nd mortgage..she left the home and the first mortgage foreclosed on the home and she filed bankruptcy on all three loans...Are there any laws or rules to protect me from the 2nd mortgage going after me?
That would be a negatory, good buddy. Bottom line, if you put your name on the line, you are jointly responsible for the debt. Although a hard pill to swallow, it is a hard lesson learned.
hello jason,
if you are on the mortgage note, you are responsible for that in case the other borrower defaults in making payments.
if your ex-spouse's obligations are discharged in bankruptcy, then the entire second mortgage will be your responsibility.
if you are on the mortgage note, you are responsible for that in case the other borrower defaults in making payments.
if your ex-spouse's obligations are discharged in bankruptcy, then the entire second mortgage will be your responsibility.
