Free Consultation

Parents Co-signed on Mortgage

We are considering either a consumer proposal or bankruptcy. We will meet with a trustee in Quebec.

Unfortunately, a few years ago my father co-signed our mortgage because it was abit over our `heads`. Now this reality has bitten hard!

Q: Since we have no equity built into the house, it sounds from all info read that we may be able to keep paying for the mortgage and keep the house. Will this action affect my father`s credit?

One Response to “Parents Co-signed on Mortgage”

A licensed trustee said...

As long as you continue to make your mortgage payments your should be able to keep your home and your co-signer’s credit bureau will not be affected.

I suggest you discuss these concerns in detail with your trustee BEFORE you file a proposal or bankruptcy, just to make certain.