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As a co-signor, on a commercial property that is causing me great heartburn - I have just covered all unpaid balances. The morgage was due for refinancing in Nov. and Now I am told the bank (property and bank are in NY) is willing to re-morgage, however given the fact that the original morgagee was so delinquint in making payments they will probally want us to co-sign the new agreement. I think this would be like jumping into the fire, Aparently from everything I have read that is relaated to this issue in this forum, it appears that co-signors are sentenced to life/ The balance on the property is approx. 140.000 - The building is probally worth 300.000 If we purchase & hold the morgage and the partner defaults - at least I think, we could then force the sale of the property, at least we would be off the co-signers treadmill.
Please advise
Please advise