As a cosigner what can i do to save my credit from primery owner of a home filing for bankruptcy.

I cosigned for a x-friend for a 1st. & 2nd. mortgage in 2003 in ohio. i requested to have my name removed from accounts various times in 2004 and 2005 and they refused. now 2009 they are filing for bankruptcy and my credit is being messed up, and i no longer can purchase a home. i have live in California sense 2005 and have no way of reaching said person. what are my options?

Asked on May 20, 2009 under Bankruptcy Law, California

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

When you co-signed for the friend you agreed to be liable for the friend until the debt was repaid.  No bank that i am aware of removes co-signors.  The bank had no duty to remove you despite your request.  As a result of the default on the mortgage note, you are a party that the bank may collect from. The fact that you signed on as a co-signor makes you unfortunately responsible for paying the debt when it went into default as your credit was on the line and could have paid to keep the friend from defaulting on the note.  Unfortunately, you are along for the ride your friend took you on and there is nothing you can really do.  I would try to appeal to the credit agency to explain the situation but i dont see you getting far.  You have to be careful who you sign for.


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