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GABRIELA_SAC2005 · Joined: 14 Apr 2009 Posts: 4 2.85 Dollars($)

Hi, three to four years ago my father bought a condo under my name because he already bought a house so he had a mortgage... he wanted to start my credit since I didn't have much so he bought the condo. Since its under my name, I am already in trouble because we have been trying to sell it but its not working, I was wondering since it was his mistake and I, 25 may face foreclosure soon can transfer the debt to him since it was his fault... if it is not possible, and the mortgage company can't give me a lower interest so we can pay, should I file for bankrupcy? or the deep in lieu? Im just afraid this is going to ruin my chances to get a job because of the credit history I will have after any of these happens, please give me some advice! thank you.

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

Do You live in the property or does your dad? You are not able to transfer the credit. I take it the payments are already behind, if that is the case, your credit has already been damaged. Most employers will run credit, but they will also give you an opportunity to explain your situation. Good Luck!

GABRIELA_SAC2005 · Joined: 14 Apr 2009 Posts: 4 2.85 Dollars($)

at the moment we dont live in the property, we wanna rent it but the thing is that the rent won't cover the two mortgages I have, plus maintenance its much more... we were planning on talking to the mortgage company and see if they would refinance but since I dont make much money because I work in a bank as a teller I don't think i'll be considered for it. I was thinking of doing the deed in lieu if they dont wanna help with the refinancing....

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

Gabriela,

It is worth talking with the mortgage company, they really do not want to own more properties, you might want to mention to them that you are thinking about filing bankruptcy, that might give them a sense of urgency. Are you able to live in this property? I ask because if you are currently renting, it would make sense to get out of your lease and move into the property if some sort of modification can be worked out, rather than destroying your credit and potential jobs - just a thought

GABRIELA_SAC2005 · Joined: 14 Apr 2009 Posts: 4 2.85 Dollars($)

Yes I am going to talk to the mortgage company this week, I live with my parents now but hope the mortgage company can help us so at least we can rent it and not lose that much money on it. Thank you!!

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

Gabriela,

You are more than welcome! Keep us posted and good luck!!! Also, let us know if we can be of further assistance.

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Some advice please