How is my Cosigner Affected by my Mortgage Situation?
Six years ago my married sister cosigned a mortgage for me. We are both on the mortgage, she is not on the deed. I have lost my income (due to being disabled) and am about to not have funds to pay the mortgage. If I default on the mortgage and have to walk away (I am under water and upside down in this mortgage, no equity at all) will my sister and/or her husband be responsible for this mortgage, or will my sister's and/or her husband's assets be attached? Her husband has nothing to do with the house.Yes, MA is a community property state, and she has been married for 30 years...long before she "co-borrowed" with me.
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