Legal Question in Real Estate Law in Pennsylvania

construction loan

We have a construction loan that expires on 4/1/08. Bank will not refinance due to credit guidlines, but want parent to co-sign. Are parents assets at risk and how can we protect our home? We are current with our payments and have the value in the home to cover the loan amount. They are threatening to call in the loan after 4/1/08.


Asked on 3/19/08, 10:24 am

1 Answer from Attorneys
John Davidson Law Office of John A. Davidson

Re: construction loan

If you cosing the note then you will be responsible for the amount of the loan not satisfied if the bank foreclosures on the property securing the loan.

That could put your assets at risk. Without know more of the specifics it is impossible to know what the risk would be.

If you have any questions feel free to contact me. The initial consultation is free.

{John}

Read more
Answered on 3/19/08, 1:36 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Pennsylvania