Posted on: 06th May, 2010 06:45 am
I am needing to file bankruptsy du e to divorce, and the possiblity of losing my house. My parents co-signed on my home loan (which does not have my ex's name it)....Can I still qualify for any protection to save my home? And how will the effect my parents?
shannonbq
if your parents have co-signed for the loan then they are legally liable to pay the debt or else the home will be foreclosed and the amount will be credited to the lender.
" And how will the effect my parents?"
Their credit score will hamper marginally.
8) 8)
Keep us informed
Dips
if your parents have co-signed for the loan then they are legally liable to pay the debt or else the home will be foreclosed and the amount will be credited to the lender.
" And how will the effect my parents?"
Their credit score will hamper marginally.
8) 8)
Keep us informed
Dips
hi,
as per my knowledge if you file bankruptcy then the credit score of your parents will affect. as your parents co-signed the mortgage, they will be liable to pay the mortgage even after bankruptcy. discuss with your lender and see if you can get an easy re-payment plan rather than filing bankruptcy.
as per my knowledge if you file bankruptcy then the credit score of your parents will affect. as your parents co-signed the mortgage, they will be liable to pay the mortgage even after bankruptcy. discuss with your lender and see if you can get an easy re-payment plan rather than filing bankruptcy.