cosigner on mortgage
October 15th, 2012 by Questions
I am thinking about filing for bankruptcy but have one question. I have a mortgage that my father has cosigned with me. How does bankruptcy affect him and can I keep my house.
Posted from: Ontario
One Response to “cosigner on mortgage”
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October 15, 2012 at 2:50 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
This really depends on how much equity is in the property and what your plans with the property are. If you have no equity and are planning on keeping the property, then a bankruptcy really won’t change things. Where you would run into issues is if you were planning on letting the bank foreclose on the house prior to filing for bankruptcy or where you have significant equity within the house itself.
If either of those applies you are best to click the green banner and contact a bankruptcy trustee and they will review the ramifications of this as part of your free evaluation.