Will filing bankruptcy risk my home if I'm a cosigner on another mortgage?

H

HarryBluYeezus

New Member
So, I cosigned a mortgage. Yeah, I know, it wasn't the smartest move. I was trynig to help family and it just blew up in my face. Honestly, you don't need to tell me how bad an idea it was. They've already been late on the payments three times in just two years. Meanwhile, my own mortgage with my husband? We pay that on time, every single month.

Here's my big worry: if I have to file for bankruptcy, are we risking our own home, the one we've been paying perfectly on time? I've got a meeting with a lawyer set for Monday, but I'm hoping to walk in with a little more knowledge. Maybe hearing from someone who's been through this, I'd know better what questions to even ask.

One thing that's really confusing me is the loan company. They keep saying I'm listed as a co-borrower, but my name isn't on the deed at all. That just doesn't make sense to me.
 
You should be able to walk away from your home as part of the BK, no problem. Obviously, it’s a good idea to chat with your lawyer about your best options.
 
It really depends. Which bankruptcy chapter? You choose what goes in it. Make sure your family member knows all the options. That’s the only way to avoid foreclosure.
 
I'm not entirely certain, but I think filing for bankruptcy might not actually wipe out your debt it could just mean setting up a fresh payment plan. In the end, you'd likely keep your home and keep paying it off as usual.
 
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