Legal Question in Real Estate Law in California
Cosigner
My brither helped me cosign on my property so that I could refinance, and now he is in serious fnancial trouble. I had him removed from the title but he is still on the loan. Should I worry that his creditors could come after me or that his bad credit could ruin mine.
2 Answers from Attorneys
Re: Cosigner
yes, big time --- just keep making all your payments in time --
Re: Cosigner
If your brother is only a guarantor and not a co-borrower or co-owner, his credit problems should not affect you, with the probably minor exception that the loan he co-signed will not be as secure or marketable in the hands of the lender and you might therefore be somewhat less able to take out a second mortgage on this property. I don't see any way that your brother's problems could have any other impacts on you, especially if you keep current on the loan. If you are concerned, you might consider refinancing to eliminate your brother entirely by getting a new first where he is not involved at all.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
