Do cosigners on a mortgage loan have any rights? Should the bank notified them that the mortgage is past due and allow them to correct the situation before it goes into Foreclosure?
The cosigners do not live at the address in question.
1 Answer from Attorneys
Generally that is how it works, but I don't believe the bank is actually required to give notice to the cosigners until initiating foreclosure proceedings, unless there is something in the contract that provides for that. Still, if the cosigners are willing to put forth the money to get the account current, I would use that as a negotiating tool to waive some of the attorneys fees and court costs -- that no attempt was made to contact the cosigners, who could have paid up much sooner.