Posted on: 03rd Feb, 2010 03:57 pm
three years ago, i co-signed with another person in order for my brother to purchase 5 acres of land. since that time, i put in 125k to develop and split the land into 3 parcels. just last year, one of the co-signers filed for bankruptcy and just recently my brother has filed chapter 7 bankruptcy too. our loan is coming due in march, and since i'm a co-signer, but not an owner, what can i do? i can't refinance because i don't own the land. since the other two partners are now in bankruptcy, does that mean the bank will be coming after me?
Hi Guest,
As far as I know, the lender has the rights to come after the cosigner for the loan as the primary borrowers have filed bankruptcy. In order to know your rights and to protect yourself from the lender, I would suggest you to speak to an attorney in this regard.
Thanks
As far as I know, the lender has the rights to come after the cosigner for the loan as the primary borrowers have filed bankruptcy. In order to know your rights and to protect yourself from the lender, I would suggest you to speak to an attorney in this regard.
Thanks