Legal Question in Credit and Debt Law in New York
will this mess up my credit?
i co-signed a house for my cousin and his fiance, it has only been a year and they broke up and need to sell the house. i am not sure on how to go about this but i need to know how this might affect my credit if it will at all?
2 Answers from Attorneys
Re: will this mess up my credit?
It will not, as long as the payments have been timely made.
Good Luck.
RRG
Re: will this mess up my credit?
You do not specify who is making the payments. I have to assume someone still is. if not, you may have to step in and keep the payments current or you WILL be hurt creditwise. When and if the house is sold, the purchase price will (hopefully) be sufficient to cover the outstanding mortgage note on the house now and your debt position will be terminated. If you made any payments on the house to keep the mortgage note current, make sure the owners pay you back from the proceeds of the sale. You should get that in writing from the owners so that you get your money AT THE CLOSING. Since you are talking about a large sum presumably, you may want to seek out the assistance of an attorney who will make sure the owners are not jeopardizing your credit. Good luck.
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