Co-signed mortgage for son - David

My question is: Canadian-specific
QUESTION: My husband and I co-signed for our son on a mortgage. He has never
paid a cent on the mortgage. It was in arrears 3 months and we started to
pay it up. I'd like to know if we stop paying, and the bank kicks him out
the house, will we be asked to take it over and then we can sell it and get
our money out of it?  Thanks for a speedy reply.
signed Frustrated   :(
david ingram replies;
If you stop paying, the bank will start a foreclosure action which is a
needless expense in terms of lawyer's fees and will also be a big black mark
on your credit record which will affect your own borrowing power and the
interest rate you may be required to pay in future transaction.
Since you obviously have a problem and are not prepared to subsidize, you
would be better off paying a lawyer to sue your son asking for restitution
and a power of sale if the payments are not brought up to date.
I will send this out to my list to see if any of the family counsellors or
lawyers have a different opinion.
I love second and third opinions.
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
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Calls welcomed from 10 AM to 10 PM 7 days a week  Vancouver (LA) time -
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Disclaimer:  This question has been answered without detailed information or
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