Posted on: 06th Apr, 2011 12:31 pm
Hi,
A few years back, I co-signed a relative for a mobile home mortgage loan. Until now, the mortgage's balance is about 50K left.
For some reason, if my relatives stop making mortgage payment, will the lender go after my bank & salary garnishment? Let's say if i have 50K in my bank account, will they freeze my account & seize the fund in there? Btw, I'm in California, if it matters.
Thanks
A few years back, I co-signed a relative for a mobile home mortgage loan. Until now, the mortgage's balance is about 50K left.
For some reason, if my relatives stop making mortgage payment, will the lender go after my bank & salary garnishment? Let's say if i have 50K in my bank account, will they freeze my account & seize the fund in there? Btw, I'm in California, if it matters.
Thanks
Hi ng_hanh,
As you've co-signed the mortgage, the lender will come after you if he does not receive his payments on time. They will have to file a judgment against you in order to garnish your wages or your bank account.
Thanks
As you've co-signed the mortgage, the lender will come after you if he does not receive his payments on time. They will have to file a judgment against you in order to garnish your wages or your bank account.
Thanks