Question about when a spouse cosigns without the others knowledge

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Question: if a spouse cosigns for a mortgage loan for their child and the other spouse doesnt know about it, are both spouses responsible for the loan if the child defaults?

 

[PICK3]

Question: if a spouse cosigns for a mortgage loan for their child and the other spouse doesnt know about it, are both spouses responsible for the loan if the child defaults?

yes

 

[SpyWizard]

no, you will not be responsible, however that may not stop the collection agency from coming after you.. and you having to sue them to get the information off your credit report...

 

[SpyWizard]

hahah.. no you will not be unless your name appears on the mortgage documents.. that's why we use social security numbers to identify people...

 

[PICK3]

You can't separate debts incurred to individual spouses while legally married.

In LA there is not such thing as a legal separation, so any debt the bitch incurs while married becum part of the communal debt.

 

[tha joker]

Agree with Pick3, sounds like something that would have to be decided by a judge if their was a dispute as to the facts. Creditors absolutely would not care and would go after you.

 

[PICK3]

Agree with Pick3

btw, I often speak authoritatively about shit that I have no idea about

 

[SpyWizard]

not true.. one spouse can file for bankruptcy while the other does not need to..

only debt incurred by the person is collectible, in no situation is the person that did not agree to a debt be held responsible for that debt..

tsk tsk and it's not state law that governs that..

do not confuse marital assets with debt incurred during a marriage.. if one spouse is not a signer on a visa and the debt is solely incurred by one person, only that person can be held responsible for that debt..

With the new changes in the BK laws the income from the spouse is still used to determine the eligibility of the BK (chapt 7 or 13) but unless the judge can determine that fraud was committed and the spouse benefited from that fraud would be the only exclusion to the position i have posted..

 

[PICK3]

not true.. one spouse can file for bankruptcy while the other does not need to..

only debt incurred by the person is collectible, in no situation is the person that did not agree to a debt be held responsible for that debt..

tsk tsk and it's not state law that governs that..

do not confuse marital assets with debt incurred during a marriage.. if one spouse is not a signer on a visa and the debt is solely incurred by one person, only that person can be held responsible for that debt..

With the new changes in the BK laws the income from the spouse is still used to determine the eligibility of the BK (chapt 7 or 13) but unless the judge can determine that fraud was committed and the spouse benefited from that fraud would be the only exclusion to the position i have posted..

So you're proposing to escape the debt by filing for bankruptcy?

 

[Cutiebaby]

I think Pick3 makes sense. If credit cards and such can come after people for debt of their spouses than why can mortgage companies not do it????

You are married, you share. Sadly even debt!

 

[miplank]

Is it not your child too? I assume not...


She is legally responsible as the cosigner. You aren't on the note, it's not on your credit. So if she defaults the collection agencies will be coming after her not you. Can't say what would happen if you got divorced and how they would split up the debt though.

 

[PICK3]

I think Pick3 makes sense.

You are wise beyond your years.

 

[Smurfy]

thats what you get for havin a spouse

 

[chris302001]

thats what you get for havin a spouse

lol snap!

 

[miplank]

thats what you get for havin a spouse

must be experience talking

 

[nickda40]

even if it doesnt effect you thats still pretty messed up.... you may need to and will be able to prove that it is not your credit.. i do however beleive a choke slam should be pending until she is home jk

 

[SpyWizard]

SOOOOOOOOOOO how did this turn out???

did an attorney tell you what i advised??