December 11th, 2012 by Questions
Hi, I co-signed with a “friend” of mine to purchase his first house and he has not made any Payments on the mortgage from past three months, if he claims bankruptcy, is my record doomed?
Posted from: Alberta
December 11, 2012 at 10:52 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Yes, you credit rating will definately be damaged, but more importantly you will be held responsible for the shortall on the mortgage. The shortfall is what is left unsatisfied after the house is seized and sold. As you signed, you will be responsible that this shortfall be paid in full.
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