My question is: Canadian-specific QUESTION: My husband and I co-signed for our son on a mortgage. He has never paid a cent on the mortgage. It was in arrears 3 months and we started to pay it up. I'd like to know if we stop paying, and the bank kicks him out the house, will we be asked to take it over and then we can sell it and get our money out of it? Thanks for a speedy reply. signed Frustrated :( --------------------------------------------- david ingram replies; If you stop paying, the bank will start a foreclosure action which is a needless expense in terms of lawyer's fees and will also be a big black mark on your credit record which will affect your own borrowing power and the interest rate you may be required to pay in future transaction. Since you obviously have a problem and are not prepared to subsidize, you would be better off paying a lawyer to sue your son asking for restitution and a power of sale if the payments are not brought up to date. I will send this out to my list to see if any of the family counsellors or lawyers have a different opinion. I love second and third opinions. ----------------------- David Ingram's US / Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists My Home office is at: 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 - (604) 980-0321 Fax (604) 980-0325 Calls welcomed from 10 AM to 10 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com <mailto:taxman at centa.com> www.centa.com <http://www.centa.com/> www.david-ingram.com <http://www.david-ingram.com/> Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation in connection with personal or business affairs such as at www.centa.com <http://www.centa.com> . If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" David Ingram gives expert income tax & immigration help to non-resident Americans & Canadians from New York to California to Saudi Arabia to Mexico to China or Chile - Cross border, dual citizen - out of country investments are all handled with competence & authority.
