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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am a co signer on my daughters House Mortgage (NY) Should

Customer Question

I am a co signer on my daughters House Mortgage (NY) Should she decides to go bankruptcy route and keep the House (which has never had a late payment.)
What happens.
1) As a cosigner, what is my liability
2) can she keep the house and Existing Mortgage after the Bankrupcy
Thank you
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato :

Hi - my name is XXXXX XXXXX X'X a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

1) Which county does your daughter live in?

cfortunato :

2) What is the current market value of your daughter's home?

Customer:

Broome County

Customer:

Probably 85,000

Customer:

should have said 85,000 to 100,000

Customer:

Additional question

Customer:

Leased Auto what happens with that during Bankruptcy is the vehicle Taken back by leasing agency? or is the lease forgiven?

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Expert:  cfortunato replied 1 year ago.

Thank you for your response.

There was one more question, which did not go through:

What is the approximate balance owed for the mortgage?

Customer: replied 1 year ago.

Ballance about 60,000+

Expert:  cfortunato replied 1 year ago.
Based on the information you provided:1) Your daughter's Bankruptcy will have no affect on your obligation to pay the mortgage. Her libility to pay the mortgage can be discharged in her Bankruptcy, but not your obligation to pay the mortgage.2) Since her house has less than $75,000 equity, she will be able to keep the house, and she will be able to continue to pay the mortgage - even if she files a Bankruptcy.3) Her Bankruptcy can also discharge her leasing contractual obligation, but she can choose to continue to lease the car if this is what she wants to do.
Customer: replied 1 year ago.

I am not clear on


"Her libility to pay the mortgage can be discharged in her Bankruptcy, but not your obligation to pay the mortgage."


Do you mean that I assume the Mortgage?

Expert:  cfortunato replied 1 year ago.
The fact that your daughter's liability to pay the mortgage will be discharged in her Bankruptcy and your obligation to pay the mortgage will not be discharged is not considered to be an assumption of the mortgage by you. (Assumption would require a separate agreement between you and the mortgage company.) It does mean, however, that she will no longer be legally liable to pay the mortgage, and you will still be legally obligated to pay the mortgage.
Customer: replied 1 year ago.

The site will not take my Experts service Rating. (Which is Good)


Thank you.


Ernie. T

Expert:  cfortunato replied 1 year ago.
You're welcome! And thank you for providing a positive rating!

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