Posted on: 17th Mar, 2009 06:39 pm
The mortgage is in my name and the co-signers name. I moved out two years ago. One year ago he stopped making payments. However, he is now making payment arrangements with the bank to try and save the house. He has offered to remove my name from the loan.
If he re-finances in his name only would the pending foreclosure still appear as a negative account on my credit report?
Is it better for my credit if I stay on the loan until it reflects as a positive account on my credit report?
Are their any alternatives? What is the best option?
Thanks!
If he re-finances in his name only would the pending foreclosure still appear as a negative account on my credit report?
Is it better for my credit if I stay on the loan until it reflects as a positive account on my credit report?
Are their any alternatives? What is the best option?
Thanks!
hi lovinmy240sx,
if the co-signer refinances the mortgage in his name, then the pending foreclosure will not appear in your name. a loan will have a positive effect on your credit if you are making the payments at the right time. however, if you default on the loan, then it will have a negative effect on your credit. i would suggest you to let him refinance the loan in his name. if you want to improve your credit, there are various other ways to do so. you can check out the following link in order to know about the different ways to improve your credit:
http://www.mortgagefit.com/credit-rating/credit-repair.html
thanks
if the co-signer refinances the mortgage in his name, then the pending foreclosure will not appear in your name. a loan will have a positive effect on your credit if you are making the payments at the right time. however, if you default on the loan, then it will have a negative effect on your credit. i would suggest you to let him refinance the loan in his name. if you want to improve your credit, there are various other ways to do so. you can check out the following link in order to know about the different ways to improve your credit:
http://www.mortgagefit.com/credit-rating/credit-repair.html
thanks
if he is opting for the refinance then it will affect you in positive way only as he is not consistent with the payments (henceforth also it is not clear whether it will be consistent or not) so it advisable to opt out from the deal and then go for the other various options to improve your score. :wink: