Here's the story: Me and my fiance cosigned a house for my mom and a house for my uncle. Mom's house is $700,000 and uncle's is $800,000 for a combined total of $1.5 million in real estate under our names.
We did a credit report check recently and found out mom hasn't made a house payment in 6 months and uncle pays but is late.
My FICO score went from 689 to 551 and fiance's went from 660 to 503. Yes, it's THAT bad. So bad in fact that we were turned down from buying timeshare and trying to get a condo. We have to move in 3 months and no one will take us due to our scores. We even tried renting a room and got turned down due to score.
I know refinancing is the best way to be permanently removed as opposed to quit claim.
Should we hire a lawyer? Would that do any good?
Also, are we entitled to half of the equity on both houses since we are primary?
We were planning on getting married next year and getting a place of our own but now it's not going to happen.
2006-08-25
21:32:24
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13 answers
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asked by
jaycie685
2
in
Credit