Mr

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

Questions

One Response to “Mr”


, 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.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)