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What happens to a home mortgage if the co-signer does not file bankruptcy but has credit problems?
Wiki User
∙ 17y ago
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
Wiki User
∙ 17y ago
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What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
What happens when a loan is cosigned and the borrowers file bankruptcy but the cosigner is deceased?
The loan would be part of the bankruptcy filing. I can't see how the death of the cosigner is significant. (In financial terms, that is.)
What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
What happens to a mortgage note when the mortgage company files for bankruptcy?
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
What happens when a loan is cosigned and the borrowers file bankruptcy but the cosigner is deceased?
The loan would be part of the bankruptcy filing. I can't see how the death of the cosigner is significant. (In financial terms, that is.)
What happens when a cosigner declares bankruptcy-not the primary owner?
Nothing unless they filed on your loan.
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
What happens to the cosigner if you are in chp 7 bankruptcy and you default on your car loan?
If you default on your loan, the cosigner is stuck with paying it off. If your credit had been any good in the first place, you would not have needed a cosigner.
If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?
you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.
You are a cosigner and the debtor has filed chapter 13 what happens to your obligation?
You are protected during the term of his bankruptcy. If he does not resolve the debt under it, you will remain responsible.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
What happens to a mortgage note when the mortgage company files for bankruptcy?
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
What happens when the second home is placed in bankruptcy by mistake and is not your primary residence?
what happens when you file bankruptcy and your second home you own as an investment is placed in the bankruptcy by mistake the house getsfor closed on and sold but no title search is done to see that there are actually two mortgages on the house who is responsible for the second mortgage
What happens to charged off debt in chapter 7 bankruptcy if you refinance mortgage?
This confuses two different concepts. A "charge off" is an accounting and tax term that means the creditor does not believe a debt is going to be repaid. It gives the lender a tax deduction. A discharge in bankruptcy is a permanent injunction against a creditor taking any action to collect a debt, including debt collection agencies or successors/purchasers of a discharged debt. Assuming the refi of the mortgage happens after discharge, nothing happens. If the refi happens while a c 7 or 13 is still pending, and lowers the mortgage payment, and has been approved by the bankruptcy court, it could affect how much you have to pay to the trustee.
