Co-Owners and Helocs

[mijd]

I "searched" this subject to see if there was a prior post and I was directed to this section of the forum. Thanks in advance for any replies.

To keep this post short I'll list a timeline:

* Partner and I bought a condo in Oct '05. 100% financing with a HELOC.
* Stopped paying both mortgages in April 09
* Tried for HAMP program and was denied Sept 09
* Condo was in foreclosure since July 09
* HELCO charged off the 2nd after a short sale was accepted by both Dec '09
* Short Sale closed in Feb '10.
* CA started phone calls and letters after closing at one time offering a settlement of half of the original loan.
* CA couldn't locate my partner as he was working out of state
* I filed for Chapter 7 in June '10 CA stopped calling.

Now my CR states the HELCO was a " charged off included in bankruptcy". My question is, what effect does this have on my partner. In otherwords can the CA come after him for the whole amount of the loan or just half since I went through BK.

Has anyone had a similar situation happen?

[despritfreya]

Your partner is responsible for 100% of the debt until such time as he settles, the Statute of Limitation runs, files bk or pays the debt in full.

Des.

[mijd]

Thanks for the reply Des. I guess we'll just have to wait and see if the CA makes another move. My attorney said it was highly unlikely knowing the financial situation. But who knows, times and things change.