Posted on: 19th Jan, 2011 07:56 pm
Hello!
My dad and his wife purchased a house two years ago for which I cosigned the the FHA loan. My name appears as the third signer on loan and Deed.
In recent months he has stopped paying the mortgage in hopes of reaching a modification on the interest rate but many months have gone by and now my credit is being affected.
Is their a way that i can be removed from the loan? my fear is that a modification will never happen and that instead the house goes into foreclosure. I'm desperate and sick to my stomach over this whole situation
My dad and his wife purchased a house two years ago for which I cosigned the the FHA loan. My name appears as the third signer on loan and Deed.
In recent months he has stopped paying the mortgage in hopes of reaching a modification on the interest rate but many months have gone by and now my credit is being affected.
Is their a way that i can be removed from the loan? my fear is that a modification will never happen and that instead the house goes into foreclosure. I'm desperate and sick to my stomach over this whole situation
Hi Guest!
Welcome to forums!
Unless your father and his wife refinances the mortgage in their names, you will remain liable for the mortgage payments. The non-payment of mortgage dues will affect your credit badly.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Unless your father and his wife refinances the mortgage in their names, you will remain liable for the mortgage payments. The non-payment of mortgage dues will affect your credit badly.
Feel free to ask if you've further queries.
Sussane