Legal Question in Credit and Debt Law in Utah

Co-Signer for defaulted Home Loan

As the co-signer of a homee loan, what action can be taken against me if the the house goes into foreclosure. There was no collateral liens on my home or property and I am on a fixed income.


Asked on 12/05/02, 11:25 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: Co-Signer for defaulted Home Loan

If the other home goes into foreclosure, it will be purchased by someone or some company at the foreclosure sale. If the purchase price is less than owed to the bank, the bank can sue you for the difference between the sales price and the amount owed on the loan. After the bank gets a judgment against you they can attach your home and force its sale in a worst case scenario. You can protect yourself - I suggest you call for a free consultation to discuss the way.

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Answered on 12/05/02, 11:57 pm


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