Legal Question in Real Estate Law in North Carolina

Co-Signing Mortgage

Yes,

My son has little credit, and what little he has isn't all that good.anyway, for a little history, I co-signed with him on a vehicle three years ago and he has done well making all payments on time, and recently bought another auto on his own. at a high interest rate, but he got financed.

He also has a couple of credit cards that he has managed well over the last couple of years. He and his wife have earnestly tried to get thier credit straightened out for the past couple of years, and it is slowly coming up.

Anyway they presently live in Tampa FL. and he has been offered a transfer to atlanta GA. At this point, they would like to buy a home, they have three kids, and have been renting for the past four years, and paid rent on time, for that four years.

So, my question is; If my wife were to co-sign with him on this mortgage, would I and the assets that we have accumulated over the years of our marrige be put at risk?

Would I be liable for the mortgage as well as the wife? I am 56 years old, and I want to help my son but i don't want to jeperdise my home, and other assets.

I just don't know which way to go.

Also, the loan officer at the bank says that we only need to do this for one and a half to two years, at which po


Asked on 6/20/07, 1:05 pm

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

Re: Co-Signing Mortgage

I don't know the laws in Georgia, but speaking from a common sense point of view, chances are you will be personally liable and your assets would be at risk. That is the point in having a co-signer or guarantor. The Lender has the ability to come after someone that has assets.

Now generally the Lender would need to foreclose on the house if your son wasn't making payments and whatever money they are still owed after the foreclosure sale would make up the deficiency judgment. You should consult with a Georgia attorney.

Before you sign anything, read every single document they are asking you to sign very carefully.

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Answered on 6/20/07, 3:39 pm


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