Legal Question in Real Estate Law in Michigan

co-signing & foreclosure

I co-signed on a refi on my wifes home, we are now divorced and she has missed payments and is headded for foreclosure. She has since abondoned the property. Could this hurt my credit and what options do I have?


Asked on 10/01/06, 3:13 pm

1 Answer from Attorneys
Rochelle Guznack Law Offices of Rochelle E. Guznack, PLLC

Re: co-signing & foreclosure

If you co-signed, you are equally responsible for the mortgage payments. You may want to call the mortgage company and see if they will work with you to get the payments current in a forebearance agreement. If there is a deficieny after the house is sold, the mortgage company may come after you for that amount.

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Answered on 10/02/06, 8:13 am


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