Legal Question in Banking Law in New York
if a home is going into foreclose what happens to a co-signer,do they have to pay the balance of the house
Asked on 1/31/10, 9:34 am
1 Answer from Attorneys
Warren Markowitz
Warren R. Markowitz, Esq
Both parties would remain obligated to the Bank for the debt. If you are able to have the institution waive the remaining balance before the foreclosure is complete would be best.
The other idea is to wait until they try to collect and then use the bankruptcy laws as a shield against their actions.
It is suggested that you retain a lawyer or at the least pay one for a consult to discuss things in detail.
Good luck
Answered on 2/06/10, 5:13 pm
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