Legal Question in Bankruptcy in Maryland
cosinging a loan
what does it mean to cosign a student loan? if a student loan goes in default, does the person who cosigns the loan lose their house
Asked on 11/20/08, 9:05 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: cosinging a loan
It means that you become jointly liable to pay the loan. If it goes into default, the holder can collect from you. In most cases, this would not result in your losing your house, but in some cases it could eventually happen. Generally, this can be avoided with a bankruptcy filing, even if the loan would not be dischargeable.
Answered on 11/21/08, 11:36 am
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