If I co-signed for my parents co-op loan37 years ago, am I still liable for any of their co-op board charges?
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If I co-signed for my parents co-op loan37 years ago, am I still liable for any of their co-op board charges?
The co-op is in my parents names only.
Asked on February 28, 2012 under Real Estate Law, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
My understanding of your question is as follows: you co-signed the loan for the bank but are not on the shares as shareholders, correct? Then the bank has a right to go after you for any default but the co-op can not as you do not technically hold the shares. Get clarification from some one that can read the documents involved. Good luck.
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