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Co-signed mortage problems |
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Ask a Lawyer QuestionCountry: United States of AmericaState: Colorado I have a male friend who co-signed over 3 years ago for a car loan and a second mortgage loan for his girlfriend-both in the state of Texas. She stopped making payments on both-he has been living in the state of Colorado and has been paying on both for 3 years. The car was totaled in an accident but he almost has that paid off. The problem is the mortgage loan-the house was foreclosed on shortly after the loan and he's been making monthly payments to the bank for over 3 years. If the house has since been purchased by a new owner, is he still required to make those old loan payments? Can the bank collect payments from both him and the new owner? AnswerThey can collect on a deficiency if any existed but they cannot get paid twice--How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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