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What are my options as a FHA co-signer? My nephew walked away from is home and I am the co-signer and I have my own house I am trying to hold on to. So I can not handle his house. What issues am I going to get and how do I get through this issue

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I walk away besides a foreclosure on my credit report what else will happen? Being a FHA loan if there is a balance of $200,000 and the person walked away from the house then the lender comes after me and I just explain that I am struggling just to keep my home there is no way I can take on the other mortgage so I walk away as well. Then the lender sells it in foreclosure for $100,000, are they then coming back at me for the difference?

Like | Dislike | Share | Posted: Fri, 04/17/2009 - 05:49 | Post subject:

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jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi kalimann,

As a co signer, you are as much responsible for the loan as the primary borrower. When you signed the loan docs as co signer, you agreed to pay the loan in case the main borrower defaults. Thus, you need to pay off the loan in order to save the property. Otherwise, if it goes into foreclosure your credit will be affected.

Like | Dislike | Share | Posted: Thu, 04/16/2009 - 23:05 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

Are you the same person as kalimann?

Actually it depends on the lender whether they will come after you for the deficient amount due to a foreclosure. I think a deed in lieu of foreclosure would be a better option for you. In DIL the lender generally forgives the deficient amount. If you discuss with them your current financial difficulty, they may agree to do a DIL. Have you contacted them yet?

Like | Dislike | Share | Posted: Mon, 04/27/2009 - 01:19 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband is buying a fha hud home without me on financing due to my credit, his mother is going to cosign does she legally have to be on the deed as well

Like | Dislike | Share | Posted: Wed, 08/05/2009 - 10:09 | Post subject:

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