Posted on: 19th Jul, 2011 03:47 pm
My parents purchased a 2 acre parcel near a lake with my sister as a co signer, she was single at that time. Now is is married and my parents want to walk away from this property, how will it affect her credit and will this also affect her husbands credit. They live in Texas.
The co-signer is equally liable for the debt, and since the property was acquired before marriage, you should not have issues with the spouse. Can you do anything with the land, put in improvements or a mobile home and rent it out? Can you sell it?