Posted on: 02nd Aug, 2010 09:04 am
My husband co-signed a mortgage with our son and this house may go into foreclosure. How can we protect our other assets i.e. second home.
Hi cocoawebbs!
Welcome to forums!
If your husband and your son pays off the deficient balance resulting from the sale of the property, then the lender won't come after the second property. Thus, your second property will be safe from the creditors.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your husband and your son pays off the deficient balance resulting from the sale of the property, then the lender won't come after the second property. Thus, your second property will be safe from the creditors.
Feel free to ask if you've further queries.
Sussane