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co-signed a loan with home as collateral

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rn0831

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Post Posted: Wed May 27, 2009 8:40 am    Post subject: co-signed a loan with home as collateral
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While married I co-signed a consolidated loan for my wife and used my home as collateral. The home is completely paid for. My now ex-wife cannot continue to make the payments. What can I do?
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jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Wed May 27, 2009 8:34 pm    Post subject:
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Hi rn,

As you have co-signed for the loan, you will have to pay off the loan as your ex-wife is unable to pay the mortgage dues. If you do not pay off the loan, then your property can be foreclosed by the lender.

Thanks
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