I am a co-signer on a another family member's mortgage. He can not pay the mortgage and is now three months behind. I can not pay the mortgage. What will happen if the bank takes the home back? What will happen to me?
In many states, if there is a balance remaining on a mortgage loan after the mortgaged property is foreclosed and sold (a "deficiency balance"), the bank can pursue the signers and co-signers for the amount of the deficiency. Check with an attorney to find out what your obligations are in this case. If you are able to pay part of what is past due you may be able to delay foreclosure and save the property.
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In many states, if there is a balance remaining on a mortgage 