I helped sign a house for a friend, the house is within my name and credit but he pays for it. Now beside the job slow down he can not afford to reward for the house anymore, what am I to do? I can not pay for a second house, and Im afraid that by not paying for it the mound will take my residential house and assets away. How can I protect myself from this? Will a renogotiation price work? Please dispense me some advice!! Thanks!
Answers: Is that bum still living here? they need to settle up or get out first of adjectives. I don't think they can hold your current home you live in. But if you live within the second home, you'll be forced to move it they take your home. Chances are that if you decline behind they'll foreclose your home. Try renting out the second home to someone who can discharge the rent. Good luck!
If the house is foreclosed on, the bank will look at their loan paperwork.
If this is a non-recourse loan, they can't come after you for the rest of the money, but will issue a 1099-A. if the loan be for more than the house was worth, you will enjoy taxable income.
if this is a recourse loan, they can come after you for the difference. if they give up and issue a 1099-C, that's taxable income to you.
THIS IS THE REASON YOU SHOULD NEVER! COSIGN FOR ANYONE. ANYONE! INCLUDING FAMILY AND KIDS.
You want to kick him out and put up for sale this place ASAP. If they foreclose, you will have a ruined credit gain, will owe the difference and the IRS will require taxes on the differnce.
kick him out immediately and sell the place or rent it out.
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Answers: Is that bum still living here? they need to settle up or get out first of adjectives. I don't think they can hold your current home you live in. But if you live within the second home, you'll be forced to move it they take your home. Chances are that if you decline behind they'll foreclose your home. Try renting out the second home to someone who can discharge the rent. Good luck!
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If the house is foreclosed on, the bank will look at their loan paperwork.
If this is a non-recourse loan, they can't come after you for the rest of the money, but will issue a 1099-A. if the loan be for more than the house was worth, you will enjoy taxable income.
if this is a recourse loan, they can come after you for the difference. if they give up and issue a 1099-C, that's taxable income to you.
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THIS IS THE REASON YOU SHOULD NEVER! COSIGN FOR ANYONE. ANYONE! INCLUDING FAMILY AND KIDS.
You want to kick him out and put up for sale this place ASAP. If they foreclose, you will have a ruined credit gain, will owe the difference and the IRS will require taxes on the differnce.
kick him out immediately and sell the place or rent it out.
Resolved Questions: