QUESTION
Can a co-borrower on a mortgage "walk away" from the debt?
Asked on May 15th, 2015 on Real Estate - Colorado
More details to this question:
An elderly friend is having trouble with her grown daughter. They are co-borrowers on a loan for a trailer. She wants to "walk away" from the debt and leave her daughter "holding the bag." Her daughter doesn't have a job. Won't my elderly friend still be liable for the debt? Could her social security or state pension be garnished?
1 ANSWER
3 Awards
Can a borrower refuse to make payments on a debt? Yes.
May the lender hold that borrower liable for those missed payments and other damages? Yes.
Can Social Security and pension payment be garnished? Not likely.
Answered on May 15th, 2015 at 12:09 PM
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