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

By: Doctor Deth

Doctor Deth — Tue, 14 Jul 2009 00:42:43 +0000

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?

By: Earl s

Earl s — Mon, 13 Jul 2009 16:56:54 +0000

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.

By: golferwhoworks

golferwhoworks — Sat, 11 Jul 2009 10:59:05 +0000

Allison

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

By: I love watching cars turn left

I love watching cars turn left — Thu, 09 Jul 2009 13:35:55 +0000

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).