On old girlfriends mortgage loan

[Anonymous]

Hi, my problem is I'm on an old girlfriends mortgage loan and I got a email alert this morning that my FICO score has dropped by 73 points.  The girlfriend is atleast 60 days arear on the mortgage payments.  What do I have to do to get my name off the loan?  Any advise will be greatly appreciated.

Randy

[Anonymous]

If you cosigned...you can't get off...did you watch this past Saturdays episode of Suze Orman...all about cosigners...

[Anonymous]

I didn't see it and your answer was what I expected.  I was hoping there'd be somethin I could do...

[Anonymous]

Ask the ex-GF to try to refi with someone else as co-signer (not you).

[MattH]

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@Anonymous wrote:

I didn't see it and your answer was what I expected. I was hoping there'd be somethin I could do...

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There is something you can do: pay up to protect your credit, then sue your old GF!

[Anonymous]

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@MattH wrote:

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@Anonymous wrote:

I didn't see it and your answer was what I expected. I was hoping there'd be somethin I could do...

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There is something you can do: pay up to protect your credit, then sue your old GF!

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If she doesn't have the money to pay the mortgage, it's unlikely she'd have money to pay a judgment. Assuming that you win.

[Anonymous]

If you come out of pocket and pay...you should try and GW (goodwill) the mortgage company and see if they will remove that late payments...depending on the mortgage company they will agree to remove them...look at the General Credit Issues forum for a sample GW letter...

[Anonymous]

Not to be rude but why exactly did you co-sign a home loan for a girlfriend?

[sunrise]

If you are a co-signer.....I'd request that copies of everything (including statements) be sent to you as well as the old GF.

unfortunately, you may have to catch up the payments to stop the fico decline.  I'd call the lender and explain the situation and ask them to remove the lates, if you catch up on the payments. (Good Will)  Then request that you be put on all further correspondences with them from now on.

Good Luck!

[MattH]

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@Anonymous wrote:
Not to be rude but why exactly did you co-sign a home loan for a girlfriend?

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As Dave Ramsey has said MANY times on the air, "Never buy a home with somebody who is not married to you!" I don't entirely agree, but I would say, an unmarried couple who are buying together must each hire an individual lawyer who works only for that partner to advise on how to protect their individual interests, a lawyer who works for both cannot do that nearly as well as can a lawyer who works entirely for one person. Aside from the risk of the couple breaking up, what if somebody dies or has a major illness or something? A married couple still faces various risks, but at least there are certain legal and social mechanisms available to married folks that singles don't get. Yes, two lawyers will mean two fees, but failure to have two lawyers can easily end up costing much more.

My friends in same-sex partnerships do face an extremely difficult situation that my wife and I don't, a fact that Suze Orman has bemoaned because she has a female partner. A few states offer civil unions, which help, but those unfortunately do nothing on the Federal level. Maybe the next president can work with Congress to rectify this injustice.

Message Edited by MattH on 04-24-2008 05:23 AM

Message Edited by MattH on 04-24-2008 05:26 AM