top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Cosign Mistake

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Cosign Mistake

    I bought a home when I was 19, and a friend of mine cosigned. He has never lived in the home. I have paid the mortgage every month for the last 5 years.

    What I didnt know was that he was made the primary holder. He just informed me that he is going bankrupt this summer (Chapter 7). What is going to happen to the home when he does this?

    He stated that he does not want any profit from the house, so I could try to sell it, but wouldnt the money go to him anyway? I am very unsure of what to do here.
    Tags: None
    #2
    You have a few couple options.............the best being to simply ReFi the house under your own name.

    Good Luck!
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

    Comment

      #3
      Originally posted by Todd
      You have a few couple options.............the best being to simply ReFi the house under your own name.

      Good Luck!
      Well, there's another problem... it is a manufactured home on rental property. Lenders are very sketchy on those. The interest rates are awful.

      I dont mind losing it, but I hate the idea of not making any money off of something I have paid on for 5 years. Would I be able to sell the house and keep the profit if he signed something?

      Comment

      Previous template Next

      bottom Ad Widget

      Collapse
      Working...
      X