Legal Question in Real Estate Law in Arizona
Co-signer liability in a bankruptcy
If I am the co-signer on a mortgage loan and the party I co-signed for needs to file chapter 7 or chapter 13 what is my liability?
Asked on 10/07/07, 9:27 pm
1 Answer from Attorneys
James Jenkins
Jenkins Law Center PLC
Re: Co-signer liability in a bankruptcy
If the loan is not paid, ultimately the lender will foreclose, which can be done through the bankruptcy court, it just takes a little longer. You might end up with a foreclosure on your record.
See an attorney. You might be able to do a deed in lieu of foreclosure. Or, the bankrupt party may be able to reorganize the loan in the bankruptcy and keep the property. Get legal help from an attorney.
Good luck.
Answered on 10/08/07, 11:12 am
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