Posted on: 04th Oct, 2010 10:45 am
My husband signed as a co-signor for his son's mortgage before we were married. Recently his son lost his $70,000 a year job working for an Engineering company. Anyway his wife does not work, and was finishing school. They filed chapter 13 before he lost his job to make the payments lower, then the house went into foreclosure. He gets unemployment at $2,000 dollars a month.
We have seen an attorney to give a reply from all 4 of us. It listed me on the Summons as Jane Doe. Can't I have a say in this as far as who will be paying the difference in what the bank says they owe for the house and what is owed. They say the house is worth 169,000 aprox and that they owe 194,000 the bank says. The attorney says I may have a liability in this as I did not sign the loan and half of my husband's things are also mine. We live in Wisconsin Community Property State. He has an investment that actually pays our mortgage and we have very high credit right now. We believe they will garnish my husband's investment if the kids are not working. Anyway, my question is can we keep the bank from taken the difference what is owed out of his investment since I was not part of the loan and half his monies are mine too?
We have seen an attorney to give a reply from all 4 of us. It listed me on the Summons as Jane Doe. Can't I have a say in this as far as who will be paying the difference in what the bank says they owe for the house and what is owed. They say the house is worth 169,000 aprox and that they owe 194,000 the bank says. The attorney says I may have a liability in this as I did not sign the loan and half of my husband's things are also mine. We live in Wisconsin Community Property State. He has an investment that actually pays our mortgage and we have very high credit right now. We believe they will garnish my husband's investment if the kids are not working. Anyway, my question is can we keep the bank from taken the difference what is owed out of his investment since I was not part of the loan and half his monies are mine too?
Hi kfroeber,
If you did not cosign for the mortgage, then the lender will not be able to come after you for the balance amount resulting from the property sale. However, as your husband has cosigned for the loan, he will be held liable for the payments. You cannot stop the lender from coming after your husband to recover the dues.
Thanks,
Jerry
If you did not cosign for the mortgage, then the lender will not be able to come after you for the balance amount resulting from the property sale. However, as your husband has cosigned for the loan, he will be held liable for the payments. You cannot stop the lender from coming after your husband to recover the dues.
Thanks,
Jerry