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There will not be enough money left over for the second mortgage. Will they just place a lien on the house and leave me alone? or will they go after my wages and credit?

4 Thoughts on What is my potential liability as a co-signer of the second mortgage, but not the first, on a foreclosed house?
  1. Reply
    I love watching cars turn left
    March 25, 2013 at 8:29 pm

    They will get a judgment which will go on your credit. Being a co-signer you have as much liability as the 1st person on the loan.

    They may attach your wages. Usually depends on the amount of the loan.

    You should just make payment arrangements to save your credit and keep the legal fees of them getting a judgment down (which you are also liable for).

  2. Reply
    golferwhoworks
    March 25, 2013 at 8:41 pm

    your credit will suffer greatly and yes if they wish they will come after you for payment

  3. Reply
    Earl s
    March 25, 2013 at 8:52 pm

    both signers are responsible, the mortgage company wants one of you to pay. They don’t care which one but one of you must. You are personally liable to pay.

  4. Reply
    Doctor Deth
    March 25, 2013 at 9:36 pm

    didn;t you realize what you were doing when you co-signed the loan? didn;t you read the fine print? didn;t you ask questions? what did you think your qorst case scenario would be?

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