Posted on: 25th Feb, 2010 12:14 pm
If my brother has a home loan that is going through forclosure, there is a judgement on it. I am the cosigner. What of mine can they take (exm. bank account in my name and my husband, Our home, rental property). What can they take from me.
>>What can they take from me.
Since you're the co-signer, you're legally responsbile for the loan, and the Lender will do whatever they can legally to recover their money, and you're the person they're going to come after if your Brother is unresponsive.
Since you're the co-signer, you're legally responsbile for the loan, and the Lender will do whatever they can legally to recover their money, and you're the person they're going to come after if your Brother is unresponsive.
It will depend on the state
Some states allow garnishment of wages ...
Most allow judgements/liens against a person or property
I don't believe they can attach a lien on checking/savings if someone else's name is on the account with yours.
Either way...that is a LONG process and they have to win in court in order for them to attach the judgement/lien to anything you own
Check with your state laws first
Some states allow garnishment of wages ...
Most allow judgements/liens against a person or property
I don't believe they can attach a lien on checking/savings if someone else's name is on the account with yours.
Either way...that is a LONG process and they have to win in court in order for them to attach the judgement/lien to anything you own
Check with your state laws first
