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."
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.
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
They both go bankruptcy
if the consigner files bankruptcy can the borrower take the car
They should be, however if the petitioner does not list, they may not be notified. However, there are ways to verify if a petitioner has filed for bankruptcy.
Her mortgage liability will be discharged.
They can be changed by the Court.
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.
your wages still garnished
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If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
They both go bankruptcy
if the consigner files bankruptcy can the borrower take the car
Was the bankruptcy before or after the divorce? I don't think it matters however, the bank can always go after the cosigner on a mortgage if they didn't file bankruptcy as well.
The buyer still owes the money and must pay the debt.
They should be, however if the petitioner does not list, they may not be notified. However, there are ways to verify if a petitioner has filed for bankruptcy.
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.