Legal Question in Bankruptcy in New Jersey

cosigner blues

i cosign with my sister for her house, mortgage and refinance. then she declared chapter 13 and just found out. i will like to know what alternatives do i have to cleared that bankruptcy off my credit report and how come no one told me that the house was being included eventhough it was also in my name. did i need to sign something?


Asked on 5/15/00, 10:09 am

1 Answer from Attorneys
Melody Stickel-Martinez Melody Stickel-Martinez, Esq.

Re: cosigner blues

Florida Law - Your credit report will not be affected since you did not file for bankruptcy. However, since you are a co-signer, you are also responsible for that mortgage payment. If your sister fails to pay on the mortgage the company has the right to go to you for payment. If neither of you pay the mortgage then the house will be foreclosed on. Then you would have a problem with your credit. She probably filed an individual bankruptcy thereby, not requiring your signature on anything. Therefore, you can not pay on the mortgage if you have no interest in the home and allow it to foreclose.

Read more
Answered on 7/06/00, 12:36 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in New Jersey