Q: I live in Alabama. My co-buyer on my Mortgage lives in TN. She declared Chapter 13. I can't afford the payments?
We go passed from Chase to Carrington and had a modification tha fell through. She had it put in the Bankruptcy papers that I would pay the Mortgage. What could happen if I go into foreclosure and can't pay? I am 66 and this is beginning to be a real burden.
A: Your first action should be verifying whether you did in fact sign as a co-signer on the promissory note for the home loan. If yes, you can file your own bankruptcy case and pursue a discharge of your liability on the loan. If you live in the property, you may want to discuss other options with a lawyer who handles BOTH ch 7 and ch 13 bankruptcy cases. The answer to your question depends on whether you reside in the home and whether you are interested in trying to keep it.
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