Posted on: 09th Feb, 2010 08:10 pm
I co-signed on a church mortgage several years ago and no do not attend that church. Am I still on the hook since I signed as an officer of the church?
Hi,
A co-signer is fully responsible for the mortgage payments. As you co-signed on the mortgage, you promised to pay off the loan in full. Now, if the mortgage is in default, the lender can come after you to collect the outstanding loan amount from you.
A co-signer is fully responsible for the mortgage payments. As you co-signed on the mortgage, you promised to pay off the loan in full. Now, if the mortgage is in default, the lender can come after you to collect the outstanding loan amount from you.
you may not be attending that particular church any longer, but if you're wise, you'll be in constant contact so you can ensure you won't be in jeopardy because of a default.
i'm sure you're well aware of the potential issues that churches have with repayment of loans. after all, in an economy such as this one, the first thing that gets affected is the tithe. if i'm tithing 10% of $1000 a week, and then my income goes to $250 a week, guess what?! instead of $100 a week, it's now $25. multiply that by all the congregants, and you're looking at a financially troubled organization...and that doesn't even cover the light bills, the snow removal, and on and on.
i'm sure you're well aware of the potential issues that churches have with repayment of loans. after all, in an economy such as this one, the first thing that gets affected is the tithe. if i'm tithing 10% of $1000 a week, and then my income goes to $250 a week, guess what?! instead of $100 a week, it's now $25. multiply that by all the congregants, and you're looking at a financially troubled organization...and that doesn't even cover the light bills, the snow removal, and on and on.
