Re: On mobile home title, but not on loan?
01-04-2011 09:05 AM
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.
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".