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DJPalmquist · Joined: 01 Mar 2009 Posts: 2 1.60 Dollars($)

I was asked to cosign because her income was not sufficient. She was supposed to refinance and have my name removed after six months but that never happened. Now she is 7 months behind and filed bankruptcy on the loan. She and her extended family refuse to move out and I need to know what my rights are to retain the property and work with the mortgage comany to remodify the loan.

smithsussane · Posted: Sun Mar 01, 2009 7:39 pm Post subject:

Hi DJPalmquist!

Welcome to forums!

If your friend has already filed for bankruptcy, then I don't think you can do anything by speaking to the lender. If she hasn't filed for bankruptcy, then you may speak to the lender and check out the options of deed in lieu or short sale. Both the processes will affect your credit but they are better than filing bankruptcy.

You can also check out the given link where one of our experts have answered your query:
http://www.mortgagefit.com/bankruptcy/remodify-loan.html

Feel free to ask if you have further queries.

Sussane

evolovik26 · Posted: Sun Mar 01, 2009 10:16 pm Post subject:

Not that good of a friend huh?
You are on the mortgage so you can start by contacting the mortgage company and see what they suggest.

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I co signed on a friends mortgage and she has filed bankruptcy on the loan.