Posted on: 14th Apr, 2009 10:10 am
Hi, three to four years ago my father bought a condo under my name because he already bought a house so he had a mortgage... he wanted to start my credit since I didn't have much so he bought the condo. Since its under my name, I am already in trouble because we have been trying to sell it but its not working, I was wondering since it was his mistake and I, 25 may face foreclosure soon can transfer the debt to him since it was his fault... if it is not possible, and the mortgage company can't give me a lower interest so we can pay, should I file for bankrupcy? or the deep in lieu? Im just afraid this is going to ruin my chances to get a job because of the credit history I will have after any of these happens, please give me some advice! thank you.
Hi,
According to you should do right what you thought.
Thanks
________________________
[Irrelevant link deleted as per forum rules]
According to you should do right what you thought.
Thanks
________________________
[Irrelevant link deleted as per forum rules]
hi
your father can refinance the mortgage in his name, thereby removing you from it. you can also do a novation with the lender's approval to get your name off the loan. but has the mortgage on your father's home been paid off by him? if no, then the lender may not agree to refinance the loan in his name. you can also talk with the loss mitigation dept. and check out the option of modification to lower your monthly payments.
your father can refinance the mortgage in his name, thereby removing you from it. you can also do a novation with the lender's approval to get your name off the loan. but has the mortgage on your father's home been paid off by him? if no, then the lender may not agree to refinance the loan in his name. you can also talk with the loss mitigation dept. and check out the option of modification to lower your monthly payments.