Legal Question in Credit and Debt Law in North Carolina

;mortgage co-signor

My wife and I co-signed for her sister to purchase a modular home on an acre of land she owned. she has now defaulted and we are of coures resposible for the payments. That's ok and we can do it but the sister wants us to pay her for the land even though it is tied up in the mortgage. The mortgage company says she doesn't own the land since it is also part of the mortgaged property. Do we owe her anything more that just assuming the loan?


Asked on 1/05/09, 2:41 pm

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: ;mortgage co-signor

A review of all the relevant documents would be needed to answer your specific questions.

Generally speaking, if you co-sign for her, you are responsible to the creditor. She is responsible and could be held liable for paying you back.

- Jeff

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Answered on 1/05/09, 2:43 pm


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