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My son purchased a home in June 2002. I co-signed on the mortgage at the time. I had my name removed from the mortgage in 2003.
My son has been living with a woman since March 2001. Since they have moved into this house, they have accumulated a further $20,000 + debt. The woman has hardly worked throughout their relationship. Her name is not on the mortgage but is on the other debt.
The value of the house has apparently gone down instead of rising (pretty bad since the Northern Alberta housing market is continually rising).
If the house is sold for less than the mortgage, who is responsible for the balance? Could I be responsible?
Could my son claim bankrupcy for the balance of the mortgage and the other debt? What would her responsibility be?
Thank you.
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