Legal Question in Real Estate Law in Minnesota

Cosignor defaulting on payments

My ex-son-in-law is not making his house payments on the house for which I cosigned. He is not returning phone calls. What can I do to avoid bankruptcy?

Asked on 7/04/09, 5:24 pm

2 Answers from Attorneys

Lesley Hoenig Lesley A. Hoenig, Attorney at Law
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Re: Cosignor defaulting on payments

If you can afford to pay the payments, you could pay the house payments, otherwise, you might want to work something out with the mortgage company that will help you avoid the possibility of having a deficiency judgment entered against you.

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Answered on 7/05/09, 5:27 pm
Sam Calvert Calvert Law Office
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Re: Cosignor defaulting on payments

I need more information before I can give you much guidance. Is the mortgage a conventional mortgage? Is there any kind of guarantee -- FHA, VA, etc.? If he is your ex-son-in-law, what does the divorce decree provide?

In general, if you are a co-borrower, you MIGHT be able to have the loan modified to be more affordable.

General thoughts are:

a) become the owner of the house yourself

b) see if the mortgage company will take the house without leaving you on the hook for a deficiency

c) do a short sale on the house to at least stop matters from getting worse

You should consult an attorney convenient to you with the answers to the questions in paragraph 1 to try to figure out a course of action.

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Answered on 7/06/09, 10:43 am

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