If I co-signed on a mortgage for a friend who has since filed Chapter 7, will this affect me and what can I do at this point to have my name removed?
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If I co-signed on a mortgage for a friend who has since filed Chapter 7, will this affect me and what can I do at this point to have my name removed?
I want my name off of the note and deed.
Asked on July 25, 2012 under Bankruptcy Law, Virginia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Unfortunately for you, since your friend filed for bankruptcy protection and you did not, you are still obligated on the loan as a co-signer. I suggest that you consult with a bankruptcy attorney as to whether or not your friend re-affirmed the loan secured by the real property that you are obligated on or not.
Possibly if the loan is purchase money (original loan for the purchase) you would not be obligated for any deficiency judgment in the event of a foreclosure.
The lender is not obligated to remove your name from the loan secured by the real property.
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