Posted on: 20th Oct, 2011 02:45 am
Hi..
I Co-signed on a mortgage for my parents home. They are now facing foreclosure. What does that mean for me?
Will BoA be able to come after my primary home, that my husband and myself live in another city?
I have not lived a day in my parent's home.
Can the bank garnish my wages or put an lien on my home to try to recover my parent's home?
If I file for bankruptcy in Texas, can i discharge their home and keep mine, where we live? Should my husband take me off the deed at our home?
Thanks in advance for your help[/list]
I Co-signed on a mortgage for my parents home. They are now facing foreclosure. What does that mean for me?
Will BoA be able to come after my primary home, that my husband and myself live in another city?
I have not lived a day in my parent's home.
Can the bank garnish my wages or put an lien on my home to try to recover my parent's home?
If I file for bankruptcy in Texas, can i discharge their home and keep mine, where we live? Should my husband take me off the deed at our home?
Thanks in advance for your help[/list]
hi cmaxran,
as you had co-signed for the mortgage of your parents, you are equally liable for paying it. if the property is foreclosed by the lender, then it will have a negative effect on your credit report. in order to come after your property, the lender will have to file a lawsuit against you. in most cases the lender won't do that. he may come after your parents to recover the deficient balance resulting from the sale of the property. if they can pay off the deficient balance, then the lender can file a lawsuit against you and get a judgment to garnish your bank account in order to recover their debts.
you can transfer your share of the present property to your husband, so that he becomes the sole owner of the property. once the foreclosure of your parent's property is settled, then he may add you back to the property. this will help you avoid filing bankruptcy.
thanks
as you had co-signed for the mortgage of your parents, you are equally liable for paying it. if the property is foreclosed by the lender, then it will have a negative effect on your credit report. in order to come after your property, the lender will have to file a lawsuit against you. in most cases the lender won't do that. he may come after your parents to recover the deficient balance resulting from the sale of the property. if they can pay off the deficient balance, then the lender can file a lawsuit against you and get a judgment to garnish your bank account in order to recover their debts.
you can transfer your share of the present property to your husband, so that he becomes the sole owner of the property. once the foreclosure of your parent's property is settled, then he may add you back to the property. this will help you avoid filing bankruptcy.
thanks