What to do if I co-signed for a second mortgage with my son and the house went into foreclosure but I was never notified by eith the bank or my son?
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What to do if I co-signed for a second mortgage with my son and the house went into foreclosure but I was never notified by eith the bank or my son?
Do I still owe them the money? He filed bankruptcy.
Asked on June 3, 2013 under Bankruptcy Law, Virginia
Answers:
Monique Okoye / Vulcan Legal Group
Answered 10 years ago | Contributor
A lot will depend on the notice requirements in your state and in the actual loan documents. Generally though, a mortgage company has satisfied the notice requirement by sending a letter to the property address. If that is the case, then yes you will be responsible. The fact that your son filed for bankruptcy means that you alone will be responsible. Depending on the size of the loan, you may want to consider filing your own bankruptcy.
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