What would happen if my son was unable to pay his house payment?
Full Question:
My mother transferred a property over to me for one dollar; no sales agreement, no title insurance. There was and still is a lien on the home from when my mother signed for my son to refinance his home and needed a cosigner. How does this affect me now that I own this property? What would happen if my son was unable to pay his house payment?
08/17/2007 |
Category: Real Property ยป Foreclosure |
State: Pennsylvania |
#8009
Answer:
If the primary party fails to pay, payment may be sought from the cosignor and it can affect the cosignor's credit rating.
