Posted on: 28th Mar, 2010 08:10 am
i am co-borrower on my grandparents home. after the refinance process they could not afford to keep it. they walked away from the house and now it is showing up on my credit. i am trying to move and no place will take me with out paying 3 to 4 months worth of rent because now the home is showing up on my credit as foreclosure in progress or something like that. is there anything i can do to help my situation out. both of my grandparents are 90+ years old and i am only 31... i feel like i am going to be stuck for the next couple of years. i have tried to do everything short sale and even a reverse mortgage but nothing seems to work and citi mortgage are not the nicest of people> any advice or help will be greatful.
Hi luth,
Was your name mentioned in the mortgage docs while your grandparent refinanced the loan in their names?If yes, then you would be responsible for paying off the mortgage. The lender will come after you for the dues and if the property is foreclosed upon, then it will have a negative affect on your credit report.
As the lender has started the foreclosure procedure, it is showing up on your credit report. In such a case, lenders will not be ready to give you a loan if you want to buy a new property. You can apply for a deed in lieu of foreclosure with the lender. This will help you in getting rid of the property but it will have similar negative effects as a foreclosure. However, unlike foreclosure, you won't have to pay the deficient balance to your lender.
Thanks
Was your name mentioned in the mortgage docs while your grandparent refinanced the loan in their names?If yes, then you would be responsible for paying off the mortgage. The lender will come after you for the dues and if the property is foreclosed upon, then it will have a negative affect on your credit report.
As the lender has started the foreclosure procedure, it is showing up on your credit report. In such a case, lenders will not be ready to give you a loan if you want to buy a new property. You can apply for a deed in lieu of foreclosure with the lender. This will help you in getting rid of the property but it will have similar negative effects as a foreclosure. However, unlike foreclosure, you won't have to pay the deficient balance to your lender.
Thanks
Where can I get the form from?
Hi Guest!
Welcome to forums!
Your query is not clear. Can you let us know what form do you require?
Sussane
Welcome to forums!
Your query is not clear. Can you let us know what form do you require?
Sussane