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Protectg invstmnt propty cosigner - sister w same last name

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Behine Don Payments Guest	Posted: Tue Nov 30, 2010 9:44 am    Post subject: Protectg invstmnt propty cosigner - sister w same last name Like 0 Dislike 0 I filed Chapter 7 in Georgia and kept three investment properties: two duplexes and one triplex. I did not reaffirm the debt. My unmarried sister was the cosigner on the three notes. My Chapter 7 bankruptcy was discharged over a year ago and I no longer have any personal obligation to repay the loans. Unfortunately, due to rental property vacancies, we have fallen a couple of months behind on the three mortgages and we are facing likely foreclosures. How are the banks likely to treat my cosigner (sister with same last name) if the banks foreclose? Anybody who is knowledgeable, please help. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Nov 30, 2010 11:07 pm    Post subject: Like 0 Dislike 0 Hi Behine, If the bank forecloses the property, then it will have a negative affect on the credit report of your sister. Moreover, she will be liable for paying the deficient balance resulting from the sale of the property. Thanks

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