Legal Question in Real Estate Law in Illinois
house foreclosure
If you co-sign for a house and the house goes into foreclosure, can they take anything from the co-signer besides the house?
Asked on 3/14/07, 5:49 pm
2 Answers from Attorneys
Mary McDonagh
McDonagh-Faherty Law Offices
Re: house foreclosure
The house serves as the security on the loan so it is limited to that normally. But you should check your mortgage documents to be certain. It will go against your credit though.
Answered on 3/14/07, 8:14 pm
Burton Padove
Indiana and Illinois Lawyer, Burton A. Padove
Re: house foreclosure
Yes, they can also seek the deficiency.
Answered on 3/15/07, 2:04 am
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