Posted on: 09th Sep, 2008 01:21 pm
Well, my good hearted attempt to aid my daughter and son in law has backfired. Never should have done this, but too late. Now I need ways , if there any to protect myself. Can I sue my son in law for nonpayment. of the mortgage and force him to make the payment. He is able to do this. Thus far, I have never made a payment nor due I live in the house. Is this a viable solution?
in this country, anyone can sue anyone else for anything at any time. is it worth the trouble? likely not in your case, i suspect.
when you cosigned, you promised to pay the loan. that means that the mortgage lender need not contact anyone else but you for payment. if they're not paying and you don't, then all of you have broken your contractual obligation, and (certainly you know this by now), your credit rating will suffer.
your best bet? pay the debt and work out some sort of agreement with your daughter and son-in-law to also pay.
when you cosigned, you promised to pay the loan. that means that the mortgage lender need not contact anyone else but you for payment. if they're not paying and you don't, then all of you have broken your contractual obligation, and (certainly you know this by now), your credit rating will suffer.
your best bet? pay the debt and work out some sort of agreement with your daughter and son-in-law to also pay.
As usual George is spot on with his assessment.
That is why they look for co-signers so that if hte borrowers default they have someone to go after that is more responsible and concerned than the borrower.
I'm not a lawyer but i've never heard of anyone winning a lawsuit against a borrower who didn't pay. That doesn't mean that it doesn't happen though.
With regard to your immediate problems George is right that talking to the lender is the best bet. Explain the situation and see if they can work with you until you sell the home or get new renters in the property to help you wiht the payments.
I'm so sorry to hear about your troubles. I hope you make out well.
That is why they look for co-signers so that if hte borrowers default they have someone to go after that is more responsible and concerned than the borrower.
I'm not a lawyer but i've never heard of anyone winning a lawsuit against a borrower who didn't pay. That doesn't mean that it doesn't happen though.
With regard to your immediate problems George is right that talking to the lender is the best bet. Explain the situation and see if they can work with you until you sell the home or get new renters in the property to help you wiht the payments.
I'm so sorry to hear about your troubles. I hope you make out well.
