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tien3409 · Joined: 13 Oct 2009 Posts: 2 1.34 Dollars($)

home loan co-borrower is harmed by borrower

My friend and his wife asked my help to be a home loan co-borrower five years ago. they promised to refinance soon. But he deceitly avoid it. Then they do not pay mortgage payments they say to have loan modification approved without telling me first. They destroyed my credit score. I have a duplex then we are afraid their house may be foreclosed and they put their debt on me.

Please tell me what we can do to get out the problem.

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

Your "friend" sounds like a snake. did you guarantee his payments, or are you actaully on the loan yourself as one of the debtors?

jenkin7 · Posted: Tue Oct 13, 2009 11:23 pm Post subject:

Hi tien,

I know how frustrating the whole experience might have been to you. But unfortunately, you are not left with any option to come out of this situation. As a co-signer, you are as much responsible for the mortgage as the main borrower. Thus, in case of a default by the main borrower, your credit will be affected. Since your friend has not been making the payments on time, it is unlikely that the lender would want to take your name off the loan. Your name can be removed only if your friend refinances the loan.

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co-borrower for a friend but he avoids