If my parents cosign on a home loan, and they declare bankruptcy, will my credit be affected? How? 9 Answers as of July 06, 2015

If my parents cosign on a home loan, and they declare bankruptcy, will my credit be affected?

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
It will have no affect on your credit as long as you stay current with the mortgage payments.
Answer Applies to: Colorado
Replied: 7/6/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
To the extent you rely on the continued reports of prompt payment of this mortgage to keep your credit score high, your parents bankruptcy will affect your credit. Most mortgage companies will stop reporting payments to both the bankrupt debtor and the cosigner after a bankruptcy is filed.
Answer Applies to: Nevada
Replied: 7/6/2015
Ronald K. Nims LLC | Ronald K. Nims
No, your credit is based on how you pay your obligations.
Answer Applies to: Ohio
Replied: 7/3/2015
Charles Schneider, P.C.
Charles Schneider, P.C. | Charles J. Schneider
No as long as you pay.
Answer Applies to: Michigan
Replied: 7/2/2015
Stephens Gourley & Bywater | David A. Stephens
Their bankruptcy should not affect your credit.
Answer Applies to: Nevada
Replied: 7/2/2015
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    This should not appear on your credit report. If does you can contest it. See the attachment. The address are where you send your complaint in, certified mail, return receipt, Keep a copy of all correspondence.
    Answer Applies to: California
    Replied: 7/2/2015
    Danville Law Group | Scott Jordan
    Not directly. However, the bank may not report your monthly payments to the credit agencies which will negatively affect your credit score. Often, this can be remedied if your parents agree to reaffirm the mortgage debt.
    Answer Applies to: California
    Replied: 7/2/2015
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    If you continue to pay on time then it should not be affected but they will no longer will be liable for the note and you will remain 100% liable.
    Answer Applies to: New York
    Replied: 7/2/2015
    Law Offices of Daniel J Winter
    Law Offices of Daniel J Winter | Daniel J Winter
    The bankruptcy can appear on either credit report, yes. Even if only one person on the loan files, it will show that a bankruptcy was filed. You'd have to explain that you didn't file a bankruptcy, that the other person on the loan did.
    Answer Applies to: Illinois
    Replied: 7/2/2015
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