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New Member
Posts: 7
Registered: ‎08-04-2009
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On mobile home title, but not on loan?

I have a problem that I need help with. I have been working on my credit for the past year and have brought it up significantly to get a new mortgage and have started getting new credit cards with the help of my current wife. I have been grooming her credit and all we need now is the aging of accounts to kick in and she should be well into the 700's.

 

A few years ago I moved in with my then current girlfriend. We decided to get a mobile home and put it onto her parents land. At the time of the purchase of the mobile home my credit was not great so she was put as the primary and I co-signed on the loan. I moved out several years later and since the mobile home was on her parents property she decided to keep it and pay for it. The loan was transferred to Vanderbilt and she is now the only one on their payment records. When she defaults they refer to the title and send me collection notices. I have not seen it come out on my report since I monitor my credit with myfico, but I fear that it will eventually hurt me. How is this possible? I contacted them to remove me and they said the only way is to refinance in her name only. This option is impossible since the value has depreciated. What are my options? I now have 2 children with my wife and have moved onto a better life, but this is still looming. There is more to the story, but I want to keep it brief. I apologize for the rant, but I am in need of assistance.

Moderator
Posts: 17,419
Registered: ‎07-14-2009
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Re: On mobile home title, but not on loan?


texasccw wrote:

I have a problem that I need help with. I have been working on my credit for the past year and have brought it up significantly to get a new mortgage and have started getting new credit cards with the help of my current wife. I have been grooming her credit and all we need now is the aging of accounts to kick in and she should be well into the 700's.

 

A few years ago I moved in with my then current girlfriend. We decided to get a mobile home and put it onto her parents land. At the time of the purchase of the mobile home my credit was not great so she was put as the primary and I co-signed on the loan. I moved out several years later and since the mobile home was on her parents property she decided to keep it and pay for it. The loan was transferred to Vanderbilt and she is now the only one on their payment records. When she defaults they refer to the title and send me collection notices. I have not seen it come out on my report since I monitor my credit with myfico, but I fear that it will eventually hurt me. How is this possible? I contacted them to remove me and they said the only way is to refinance in her name only. This option is impossible since the value has depreciated. What are my options? I now have 2 children with my wife and have moved onto a better life, but this is still looming. There is more to the story, but I want to keep it brief. I apologize for the rant, but I am in need of assistance.


Hello and welcome although I wish it was under better circumstances.

 

If you co-signed the original loan then you are equally responsible for the payments. It really doesn't matter what the payment records of Vanderbilt say. Your name is on the loan documents.

 

I agree that the only way to remove you from the loan is for her to refinance in her name only. I don't see any other way but perhaps others know of different options. I hope you get this messed worked out.

 

 

 

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New Member
Posts: 7
Registered: ‎08-04-2009
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Re: On mobile home title, but not on loan?

A little bit more info. I checked my latest report I have on file and the original loan was with Oakwood Acceptance and that is on my credit report. The notes state that it was transferred to another lender and I am definitely not on that loan since Vanderbilt is not a tradeline. Thanks for any responses.

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: On mobile home title, but not on loan?

 


texasccw wrote:

A little bit more info. I checked my latest report I have on file and the original loan was with Oakwood Acceptance and that is on my credit report. The notes state that it was transferred to another lender and I am definitely not on that loan since Vanderbilt is not a tradeline. Thanks for any responses.


 

I honestly do not understand how you came to the terms that you are not on the loan. If you signed the originally loan as a co-signor just because the loan was transferred and or sold does not remove you from the loan.

 

Just because Vanderbilt is not on your Credit Reports as a Trade Line does not mean if she defaults they can not come after you. 

 

May be I am missing something here and some one will chime in to explain that you are correct, but until then I have to agree with marinevietvet that you will be responsible until it is refinanced in her name only.

Good Luck
May all your dreams and wishes become a reality!
New Member
Posts: 7
Registered: ‎08-04-2009
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Re: On mobile home title, but not on loan?

When the loan was transferred it was not transferred with my signature. Does that make sense? The mobile home needs to be registered like a vehicle and I am on that title only not on their loan docs. She is the only one paying, or better yet, not paying it. Someone please let me know if I am wrong and has gone through this same or similar problem. I think they are in the wrong here.

Senior Contributor
Posts: 4,290
Registered: ‎05-01-2008
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Re: On mobile home title, but not on loan?

Isn't the co-signer of a loan usually the one with the better credit?  Maybe with this type of purchase it's different.

 

For this thread, I will just watch, read....and learn.



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Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: On mobile home title, but not on loan?

 


texasccw wrote:

When the loan was transferred it was not transferred with my signature. Does that make sense? The mobile home needs to be registered like a vehicle and I am on that title only not on their loan docs. She is the only one paying, or better yet, not paying it. Someone please let me know if I am wrong and has gone through this same or similar problem. I think they are in the wrong here.


Makes absolutely no sense. If they do not have your signature then they wouldn't have her signature either as you both signed the same paperwork. I am sure she didn't sign individual paperwork with-out your signature if you were the co-signee.

 

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: On mobile home title, but not on loan?

 


BungalowMo wrote:

Isn't the co-signer of a loan usually the one with the better credit?  Maybe with this type of purchase it's different.

 

For this thread, I will just watch, read....and learn.


 

This is not always true. Sometimes creditors/lenders want the one with longer history or longer employment, better credit, etc etc as the major purchaser.

 

No real rhyme or reason just an underwriter decision in most cases.

Good Luck
May all your dreams and wishes become a reality!
New Member
Posts: 7
Registered: ‎08-04-2009
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Re: On mobile home title, but not on loan?

I dont understand why the tradeline is not in my report. I definitely don't need or want it. I think they are just trying to grab for whatever they can.

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Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: On mobile home title, but not on loan?

They may not be reporting it, for whatever reason, but as long as it's the original loan that you signed on, but now just transferred to someone else, it's still your loan, I think.

 

If the loan starts to go sour, keep your fingers crossed that it remains not reporting...

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