Posted on: 07th Jun, 2009 05:59 pm
I live in a community state. When the house market was good, I solely gave my daugther my signture for a new home. It turns out my daughter defaulted in making payments. The only way out is to short sale. There is a second loan I also signed for. That bank is not willing to budge unless I give them $30,000. The debt is $58,000. Should I just negotiate. Can they go after my husband's and my primary home.? I am actually only on SS
hi guest,
if you co-signed on your daughter's loan, you are financially responsible for it. now, if your daughter defaults on the loan, the lender can come after you. they may come after your bank account as well. they cannot go after your husband's loan account, unless it is jointly held by you. however, they will never be able to foreclose on your property, provided it is not kept as a collateral for the loan. you can definitely negotiate with the second mortgage holder and settle the debt for a lesser amount.
if you co-signed on your daughter's loan, you are financially responsible for it. now, if your daughter defaults on the loan, the lender can come after you. they may come after your bank account as well. they cannot go after your husband's loan account, unless it is jointly held by you. however, they will never be able to foreclose on your property, provided it is not kept as a collateral for the loan. you can definitely negotiate with the second mortgage holder and settle the debt for a lesser amount.
oops!! That was me!! I forgot to log in. :)
you are responsible hoevere better to negotiate.