If I co-signed on my son’s mortgage and he is now in foreclosure,canI be sued?

UPDATED: Nov 21, 2011

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If I co-signed on my son’s mortgage and he is now in foreclosure,canI be sued?

What are the implications for my credit?

Asked on November 21, 2011 under Real Estate Law, Illinois


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If you co-signed on your son's loan for his home and the property is now in foreclosure, your own personal credit report will end up taking a negative reference in your credit report.

As to whether or not you and your son can be sued by the lender for any deficiency depends upon whether or not the loan is a "purchase money" loan used to acquire the property and if your state has anti-deficiency legislation. If so, then neither you nor your son will be able to be sued successfully for any deficiency on the loan by the lender. I suggest that you consult with a real estate attorney further to assist you in this matter.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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