Posted on: 13th Jul, 2009 05:53 pm
I filed bankruptcy 2008 and got discharged 12/08, I decided to keep the house but the lawyer advised me not to reaffirm. My mother is in the mortgage so they took my name out and just left my mother's name in the house, I am still the one paying for the mortgage because my mom never pays for the mortgage even before the bank put her name when I refinanced the house. I wanted to keep the house for the tax benefits but now that my name is not on it , i will not get that benefit. I tried talking to the bank but they did not want to listen. Should I just foreclose the house? But ruin my mom's credit because it is under her name. I am confuse on what to do, I just want to rent so I can save money to buy another house under my name. Or should I just have my mother do the loan modification so that we can have a lower mortgage payment? Please help!!!!
Hi asanagustin!
Welcome to forums!
If your mother's name is on the mortgage, then a foreclosure will definitely effect your mother's credit score. In my opinion, it would be a better option to rent out the property. This will help you in saving your mother's credit as well as your property. Moreover, you can pay off the mortgage dues from the monthly payments you get as rent.
If you do not want to rent out the property, then a loan modification can be a god option for your mother. She can contact the lender and request for a modification. However, it's the discretion of the lender whether he would accept it or not.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your mother's name is on the mortgage, then a foreclosure will definitely effect your mother's credit score. In my opinion, it would be a better option to rent out the property. This will help you in saving your mother's credit as well as your property. Moreover, you can pay off the mortgage dues from the monthly payments you get as rent.
If you do not want to rent out the property, then a loan modification can be a god option for your mother. She can contact the lender and request for a modification. However, it's the discretion of the lender whether he would accept it or not.
Feel free to ask if you've further queries.
Sussane