Posted on: 04th Nov, 2010 02:11 pm
eight years ago, my brother and i lend our credit to our uncle, since he didn't have good scores, he told us as soon as they got better he will refinance and change names, until this date that has not happend yet.
we want to return the mobile home to the financial institution because neither my brother or i can afford to make any payments. please advise. :cry:
we want to return the mobile home to the financial institution because neither my brother or i can afford to make any payments. please advise. :cry:
Hi claudia,
Welcome to mortgage fit,
You can surely return the mobile home to the financial institution but what about the amount you paid for the last 8 yrs.Apart from this your default may hamper your credit as well.So whether your uncle has improved his financial situation yet or not?
I think surrendering the property to lenders is really a loose-loose situation for you on all front.I think you should discuss this issue with your uncle and if he is still unable to pay the monthly payment then ask him to make half of the monthly payment to you so that you could continue paying the mortgage.
Feel free to ask any further query if you have.........
DIPA
Welcome to mortgage fit,
You can surely return the mobile home to the financial institution but what about the amount you paid for the last 8 yrs.Apart from this your default may hamper your credit as well.So whether your uncle has improved his financial situation yet or not?
I think surrendering the property to lenders is really a loose-loose situation for you on all front.I think you should discuss this issue with your uncle and if he is still unable to pay the monthly payment then ask him to make half of the monthly payment to you so that you could continue paying the mortgage.
Feel free to ask any further query if you have.........
DIPA