Legal Question in Wills and Trusts in New York

I am on a mortgage with my husband and my parents since 2003. My parents a few years back (2008) decided to co sign for my brother's mortgage. My brother lost his job and is in foreclosure and my parents credit is ruined. I am wondering if this could affect me in any way because we are tied to my parents financially? Will they come after my house? Will my credit be affected?


Asked on 4/02/12, 10:36 am

3 Answers from Attorneys
David Slater David P. Slater, Esq.

No.

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Answered on 4/02/12, 11:09 am
Arnold Nager Arnold H. Nager, Esquire

If there is an acceleration clause in your mortgage, you may have to pay the balance due since your parents are in default on another mortgage. Read the document. If necessary, consult a knowledgable real estate attorney.

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Answered on 3/26/13, 10:10 am
Walter LeVine Walter D. LeVine, Esq.

Arnold may have something, but this would be highly unusual if you kept your mortgage current.

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Answered on 3/26/13, 3:58 pm


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