What is my potential liability as a co-signer of the second mortgage, but not the first, on a foreclosed house?

cd asked:


There will not be enough money left over for the second mortgage. Will they just place a lien on the house and leave me alone? or will they go after my wages and credit?

Wesley

Tags: Co Signer, Enough Money, Second Mortgage

This entry was posted on Tuesday, July 7th, 2009 at 10:44 pm and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

4 Responses to “What is my potential liability as a co-signer of the second mortgage, but not the first, on a foreclosed house?”

1. I love watching cars turn left Says:
   July 9th, 2009 at 1:35 pm

   Ronald

   They will get a judgment which will go on your credit. Being a co-signer you have as much liability as the 1st person on the loan.

   They may attach your wages. Usually depends on the amount of the loan.

   You should just make payment arrangements to save your credit and keep the legal fees of them getting a judgment down (which you are also liable for).

2. golferwhoworks Says:
   July 11th, 2009 at 10:59 am

   Allison

   your credit will suffer greatly and yes if they wish they will come after you for payment

3. Earl s Says:
   July 13th, 2009 at 4:56 pm

   Paula

   both signers are responsible, the mortgage company wants one of you to pay. They don’t care which one but one of you must. You are personally liable to pay.

4. Doctor Deth Says:
   July 14th, 2009 at 12:42 am

   Brenda

   didn;t you realize what you were doing when you co-signed the loan? didn;t you read the fine print? didn;t you ask questions? what did you think your qorst case scenario would be?