On homes and real estate: Co-signer of loan surprised
On homes and real estate: Co-signer of loan surprised
Q. I am the co-borrower on an owner-financed property. I recently found out the mortgage bill was not being paid when I received a summons to court. I never received anything in the mail — no phone calls, nothing. They sent the contact only to the borrower. Now they want to take me to court and sue me, but they never notified me about anything.
A. I’m afraid they just did.
You once signed a promise to be personally responsible for that debt (the whole debt, by the way). And you still are. You should certainly have checked on whether payments were being made. I doubt if the mortgage documents say the lender was required to keep you informed about the status of the loan along the way.