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how a coborrower to avoid bank collecting money if borrower deceiting

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hien3411 Joined: 23 Apr 2011 Posts: 1 1.00 Dollars($)	Posted: Sat Apr 23, 2011 3:32 pm    Post subject: how a coborrower to avoid bank collecting money if borrower Like 0 Dislike 0 In 2005 I help my friend's wife to qualify for two loans to buy a house about $ 512,ooo as a co-borrower. they said they got help because his ex-wife sued him about child care; Her husband promised to refinance very soon but later he avoid reasoning that at least 3 years the bank can allow them to refinance ( It's a fake). Then the house price falls down they apply for loan modification then they will refinance after the loan mod( I think it's a deceit because he avoids it again and he can't refinance after a loan mod). Then we bought a duplex in 2007. They still apply for loan mod and quit paying monthly reasoning it's easier for the bank to approve loan mod. By doing that they destroy my credit score. I asked them to petition for a short sale but they denied. They have not paid monthly mortgage for about two years and apply for loan mod with the help of a lawyer group.II said with their Vietnamese agent that we need them to transfer the loans from me to her husband, the real home owner and home borrower. So far I think they do so to make money and also destroy our family finance. Recently they asked me to complete the quitclaim deed in order to transfer the loans to her husband after they have loan mod from the bank. I asked their lawyer by email to show me the bank offer document to me so that I can transfer loan to her husband by novation but his lawyer never email me back. Please help me how I can avoid the bank from putting a lien on our own house or wage garnishment should they abandon the house, especially my job needs clearance which can be lost if these happen.And also how I can recover the credit score. Thank you so much for the help. Hien Bui
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Apr 24, 2011 8:26 pm    Post subject: Like 0 Dislike 0 Welcome hien, You're in a tough situation. You shouldn't have co-signed for the loan in the first place. Unless they go for a novation or refinance, you won't be able to remove your name from the mortgage. Moreover, if they short sale the property, then it will have a negative effect on your credit report. You should make sure that they modify the loan and pay off the debt so that your credit is not affected in a negative way. _________________ Procrastination is the enemy of your financial success

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