California | Bankruptcy
2/16/02, 5:17 pm
Legal Question
Co-signed home loan liability
I co-signed on a home loan with a friend, who moved out after 10 months. I've been keeping my head above water to keep it and found a buyer 2 weeks ago. Escrow was supposed to close in two weeks, when I recieved a letter stating the the other party was filing bankruptcy. From what I understand, now the home can't be sold. Is this correct? If he is claiming bankruptcy, then what is my liability afterwards? Am I still responsible for the balance, or a portion? I can't afford to keep the house any longer after the Escrow. What is my best course of action? Can the home be removed from the bankruptcy proceeding?
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