Legal Question in Real Estate Law in Illinois
Foreclosure
What type of notification is required to be given a cosigner on a motgage loan if payment has not been made by the main borower and foreclosure is being started?
2 Answers from Attorneys
Re: Foreclosure
none is required, but they will look to you for payment after a while
Re: Foreclosure
In order to foreclose, the lender will need to provide the cosigner with notice of the foreclosure suit. This will normally be done by having the sheriff serve the cosigner with the complaint and summons. However, if they cannot locate the cosigner, it is possible he or she could be served by publishing a notice in a newspaper in the county in which the real estate is located. The cosigner is every bit as responsible for the debt as the primary borrower. The failure to make payments and the foreclosure will adversely affect the cosigner's credit as well.
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