AboutJoe Almirantearena Expertise I can provide all the mortgage information you need to make an informed decision about obtaining a mortgage in California.
Experience I've been working in the Mortgage industry for ten years, helping people throughout California, with all types of credit, employment, and rental histories, secure home financing for purchase and refinance. I have dedicated my website to provide FREE mortgage and real estate information to California residents. Visit http://www.findmyloanonline.com Publications Fresno Famous
Education/Credentials California Department of Real Estate
Question QUESTION: My dad co sighned for my cousin in law 2 years ago and now they said they did'nt make a payment this month because of some New Obama plan that will help reduce the payment if they don't pay? Have you heard of anything like this? Is it true? Also they might be manipulating and destroying my fathers credit as he is the co-sighner is there anything he could do to retain is perfect credit? Also the home will be under my name after they decease. Will their credit carry on over to mine, I currentyly havn't established credit.
ANSWER: Hi Richie,
I'm sorry to hear about your dad's predicament. Yes, his credit is getting screwed up if the cousin in law is not making the payments. Your dad is responsible for the payment when your cousin does not make it. The Obama plan you bring up is an emergency bailout type of plan. It may or may not apply to your cousin because there is a co-signer on the home loan. This is a very dangerous path your cousin is forcing your dad into, and it's a good bet your dad's credit will be ruined because of it. Because your cousin is no longer paying the mortgage, your dad could always ask the cousin to move out and he can find a renter for the property. That way his credit will not be destroyed. Keep in mind, the Obama plans out there are to help home owners who cannot afford to make their house payments, and because your dad and him are on the mortgage, their combined incomes may not allow them to qualify for that bailout. As far as the home being under your name, Richie you dont want it to be under your name. You probably wont want anything to do with it, after your cousin destroys any value in the property by defaulting on his loan. You should forget about the house, as it pertains to you, and help your dad get your cousin out of there and find a renter. Good Luck!
QUESTION: Yes, I do want it under my name. I was just wondering if my dad's credit it going to transfer over to be if they have defaulted on their mortgage?
Do you know which steps we should take to legally remove them from the home if they don't comply verbally?
thnanks,
Answer Your dad's credit will not transfer over to you. As far as your legal options go, I am a mortgage and real estate professional. Legal matters are an arena I leave to legal professionals. It would be prudent for you to consult with a legal professional about your options, sooner rather than later. Good Luck!
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