Being Cosigner On A Mortage
Why is reaffirmation on a cosigned note such a deal? I cosigned for my parents, using my home as the colateral, the note isn't in default, I don't owe the mortage company anything, etc, etc...yet my BK attorney told me that I have to make sure I reaffirm on the consigned note. If I go CH. 7 on it want it simply default back to my parents, who are the primaries anyway, and simply make me no longer the cosigner? Just curious.
Answer:
It's a big deal because you're changing a discharged debt into a new debt. Were your parents to default on the note, right now you wouldn't be liable. If you reaffirm, you would be.
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