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vivianjenkins · Joined: 16 Apr 2009 Posts: 1 1.35 Dollars($)

My Dad co-signed with me on my mortgage 3 years ago. He has or had a 800 credit rating...I had a job loss and requested a modification back in November of '08. I am now recieving my modification documents from my lender with agreeable terms (April '09). But painful part of this...my fathers credit lines have all closed and when he contacts his banks, they are all telling him to contact TransUnion. This is the only thing that is going on with us...how to we address this and how long will it take for he and I to get our scores back up?

smithsussane · Posted: Thu Apr 16, 2009 9:44 pm Post subject:

Hi vivianjenkins!

Welcome to forums!

Did the bank gave him any reason as to why his credit lines have been closed? He has the right to ask the bank about this. Moreover, as they have asked him to contact TransUnion, he should do it immediately. Once these issues are resolved, your credit score can go up.

Sussane

smckaybiz · Posted: Fri Apr 17, 2009 7:15 pm Post subject:

I know that most lenders won't offer a loan modification for your mortgage unless you are already behind on your payments. Is this the case here? If so than unfortunately your fathers credit may have sufferred from you being behind and that could be the reason for his other accounts being closed.

Some creditors will randomly check your credit to make sure that you are not behind on any of your bills. If you are they may then either increase your interest rate or close the account. I don't think that this is right but it is becoming more and more common nowadays. I know congress is looking to pass an act that will prevent these practices from happening but who knows if it will ever pass or not...

Best of luck

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How to respond to credit when going through a modification