I am behind on my mortgage the bank offered me a modification there is a co-borrower

Hi sdbiggun,

Unless both the borrowers agree to a modification, the lender will not be ready to help you. You will have to convince the co-borrower to sign the agreement. If the co-borrower doesn't agree to this, then the property can go for foreclosure which will have a negative affect on both you and your co-borrower.

Thanks

Well, this could be pretty bad for the co-borrower if they don't realize what is going on. For example, if you stop paying and walk away from the home, the resulting foreclosure will not only be on your credit report, but theirs, too. Even though a loan modification will reduce the credit scores, it will not be nearly as bad as a foreclosure, which could also have the lender pursuing the co borrower for a deficiency judgment.

I would strongly encourage you to present this information to them, unless, of course, you don't care what happens to their credit, either.......