Posted on: 23rd Sep, 2010 10:19 am
I purchased a home with my now EX-boyfriend a few years back. I have worked with the lender to do everything I could to remove my name from the mortgage with no success. I have now found out that my EX is 4 months behind in payments and would like me to sign a loan modification to help him because he refuses to sell. My credit is being ruined and I want no part in this anymore. Is my only option to force a short sale with the help of a lawyer?
Please help!
Please help!
Hi pwats,
You can sign the documents and let your ex-boyfriend modify the loan. If you don't want him to modify the mortgage, then you will have to force him for a short sale. However, a short sale will reduce your credit score by 75-100 points and it will remain on your credit report for the next 7 years.
Thanks,
Jerry
You can sign the documents and let your ex-boyfriend modify the loan. If you don't want him to modify the mortgage, then you will have to force him for a short sale. However, a short sale will reduce your credit score by 75-100 points and it will remain on your credit report for the next 7 years.
Thanks,
Jerry
Thank you for the feedback Jerry. My fear is that he fell four months behind this time before I found out and if it were to happen again. If I sign the paper and 6-12 months from now he falls behind again. What kind of damage will this continue to do to my credit? What if he falls so behind the back forecloses? Do you think my best bet is to short sell and be done with it?
As your name will remain on the mortgage, your credit will be hampered if your ex-boyfriend defaults on the payments after a loan modification. It will be better if both of you can sell off the property and repay your lender in order to get rid of the property.