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Am I out of options?

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rokkstarre
Valued Member

Am I out of options?

As a dumb kid (19yrs old) with fairly decent credit, I allowed my mother in law to use my credit to purchase a mercedes (4/2006) with an auto loan from Americredit, it ended up being charged off. Is there anything that I can do legally (with her cooperation) to have this removed from my credit file and perhaps added to hers? Thanks.. It wont be removed from my CR until 5/2013 and I am looking to buy a house next year.. and im sure a charged off auto loan in the amount of 15k wont make the purchase of a house easy at all! thanks for any help you can provide!

Message 1 of 8
7 REPLIES 7
Creditaddict
Legendary Contributor

Re: Am I out of options?

 


@rokkstarre wrote:

As a dumb kid (19yrs old) with fairly decent credit, I allowed my mother in law to use my credit to purchase a mercedes (4/2006) with an auto loan from Americredit, it ended up being charged off. Is there anything that I can do legally (with her cooperation) to have this removed from my credit file and perhaps added to hers? Thanks.. It wont be removed from my CR until 5/2013 and I am looking to buy a house next year.. and im sure a charged off auto loan in the amount of 15k wont make the purchase of a house easy at all! thanks for any help you can provide!


your stuck with that one unless you can get them to agree to delete the account if you pay the balance.

 

Message 2 of 8
llecs
Moderator Emeritus

Re: Am I out of options?

Speaking as an Americredit customer (in the past) too, they won't budge. If you cosigned and signed the docs, you're on the hook. If not past your state's SOL, I wouldn't do anything until you have the $$$ set aside to PIF if you had to. Once SOL expired or you can PIF, then you can offer a PFD.

Message 3 of 8
RobertEG
Legendary Contributor

Re: Am I out of options?

Not to pour more concerns on top of what you have, but .......

If you were a co-signer on the debt, they wont let you off the hook.  Why should they just give away the ability to come after your assets?

They dont care one whit about your credit report, they want the $$$$

Charge-offs can turn into collections.  Another potential major derog to your CR.

COs and CAs, already major derogs, can turn into legal action.  Bigger looming peril.

What is your expiration of SOL on this debt, and thus your legal defense should it escalate to this level?

Most mortage lendors wont go to final approval until all prior, bad debt is paid.

Mother in law needs to step up to the plate and at least help to prevent further hemmoraging of your credit score, and thus your prevention of mortgage loan approval.

It could get much more serious, very quickly........

Not doing anything is, in my opinion, a recipe for disaster.  Can you call the OC and try to work something out?

 

Message 4 of 8
rokkstarre
Valued Member

Re: Am I out of options?

thank!

Message 5 of 8
MarineVietVet
Moderator Emeritus

Re: Am I out of options?

What state do you live in?

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 6 of 8
rokkstarre
Valued Member

Re: Am I out of options?

Texas

Message 7 of 8
MarineVietVet
Moderator Emeritus

Re: Am I out of options?

I was just confirming that the SOL on this has expired. It should be since the SOL in Texas is 4 years.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 8 of 8
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