Legal Question in Real Estate Law in Michigan
Co-Signers
what are the responsibility of the co-signer if a property is going to be sold because of forclosure? Is it the responsibility of the primary buyer to repay the balance after sell or the co-signer?
Asked on 6/21/04, 10:44 am
1 Answer from Attorneys
Blake Lipman
Law Office of Blake P. Lipman
Re: Co-Signers
The whole point of a cosignor is that the obligation to repay the debt is now shared with the cosignor as a guarantor of repayment. The cosignor's credit will be adversely effected by any foreclosure. The foreclosure itself will usually extinguish the debt as the real estate is often valuable enough to cover the debt when sold. For more info, please contact my office at (248)851-3171.
Answered on 6/21/04, 12:47 pm
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