Co-signed mortage problems

Ask a Lawyerwhat's this?


Country: United States of America
State: 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?


They can collect on a deficiency if any existed but they cannot get paid twice--
These questions and answers are provided by ©2000 - 2007 by, Inc.