I am a co-signor on a real estate note. The primary borrower has abandoned the property. Can the bank come after me?
Possibly. Unless the loan was “non-recourse” note (which is most often the case for home equity based loans), then the bank is limited to looking at the property for satisfaction of the loan. If this is a recourse loan (most common) then the bank can go after any borrower or co-borrower for any deficiency. The bank will also likely report to everyone’s credit.
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on Friday, December 25th, 2009 at 10:38 pm and is filed under Foreclosure, Real Estate Law.
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