Legal Question in Credit and Debt Law in Illinois

My grandma cosign for my uncle to get a second mortgage on his house. he just defaulted on his loan how will it affect my grandma


Asked on 8/25/16, 7:09 am

2 Answers from Attorneys
Elfreda Dockery Law Office of Elfreda Dockery

The lender will try to get the money owed under the contract from your grandmother.

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Answered on 8/25/16, 7:48 am
Thomas Moens Moens Law Offices, Chartered

It is an urban myth that co-signers are somehow less obligated. There is no difference from the lender's perspective between signers and co-signers. The lender can pursue her for the full amount.

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Answered on 8/25/16, 10:15 am


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