Posted on: 19th Mar, 2009 06:12 am
Good morning - Back in 2005 I bought a house under my name for my parents. Since then, they have fallen back on payments and the house is under foreclosure proceedings. Needless to say, this has killed my credit. I cannot get any loans or credit cards or anything due to the huge negative score I have. My parents dont have good credit either, is there any way that I can get myself off this mortgage?? My mother was co-signer on it.
Any help or advice is greatly appreciated.
Any help or advice is greatly appreciated.
jeni, you're going to have to negotiate something with your lender. fortunately, lenders are far more willing to work with people now than ever before. that leads me to believe you may have some decent amount of hope. the only way you can eliminate your involvement is to sell, i would think.
Jeni,
Thats the price you pay when you co sign for anything. You are basically taking on someone elses debt for their word. Like George said, lenders are more willing to work with borrower now more than before. If you don't have any luck, try a loan modification company as a last resort. I have had a couple borrowers go through our law firm and have gone from an 11% interest rate to 2%. You do have to prove hardship though. So best of luck!
Thats the price you pay when you co sign for anything. You are basically taking on someone elses debt for their word. Like George said, lenders are more willing to work with borrower now more than before. If you don't have any luck, try a loan modification company as a last resort. I have had a couple borrowers go through our law firm and have gone from an 11% interest rate to 2%. You do have to prove hardship though. So best of luck!
