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Liability

  • Thread starter Thread starter cyberchick
  • Start date Start date

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C

cyberchick

Guest
What is the name of your state? NY

4 of us own a piece of property. We are looking to refinance. If (for whatever reason) the other three individuals are unable to pay their share of the mortgage payment each month will I be responsible for the total amount?

Is there any way to protect myself from this from happening? Is there an insurance they can take out that will cover their share of the mortgage should they be unable to pay their share? Is there a legal document that can be drawn up that will protect me, ( and in the long run my credit history)?

Thank you in advance...I'm not sleeping because of this. :o
 


K

kingston

Junior Member
Financial obligations are the responsibility of anyone who signed the note.
I am sure an attorney can draft up an agreement that states the financial responsibility of each owner. I am sure you will get other feedback on here as to what course of action can be taken to protect your interest.
 
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