My sister is 30 days late every month. She's really messing up my credit. What's the process to get me off her mortgage? And how long does it take?
2007-06-22 15:37:21 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
As long as she has only been a rolling 30 days late over the past few years on the mortgage she may still be able to refinance the home to have you removed from the mortgage loan. However, her rate and such may be somewhat unfavorable. If refinancing does not work or this is not an option then you will need to have a talk with her and let her know she is going to have to sell the home. Explain she has destroyed your credit and you are going to be seriously affected by her irresponsibility for the next 5+ years and you need to get this matter straightened out. Unfortunately, the only two ways to get you off will be to have her refinance or sell the home.
One last idea is you could catch her up on her mortgage payment (or make her catch it up herself) and have her pay you the mortgage payment each month so that you can track and make sure she is making the payments on time. Co-signing for a family member usually ends up bad and is not recommended. Sorry to hear about your situation and I hope you can get the situation under control or figure out an amicable solution which does not strain your relationship with your sister.
2007-06-22 15:50:33 · answer #1 · answered by dzwreck 4 · 1⤊ 0⤋
Dave the key is to not have an "long term debt" when you apply for a mortgage. Lenders consider "long term debt" more than 6 months worth of payments. Will it help you to have this paid off, maybe, if you only have this debt, meaning no credit card debts or Otherr loans that you would have to pay on for more than 6 months, then this car loan isn't that big a deal when it comes to a home loan. Will it impact your qualifying, yes, but the impact is insignificant.
2016-05-18 00:04:27 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Sigh. Another one sucked in to co-signing. You DON'T get your name off her mortgage. The reason you had to co-sign in the first place is because your sister did not qualify on her own. If she's still continually thirty days late, she's STILL not going to qualify on her own.
When you co-signed, you guaranteed that you would handle the financial aspects of her mortgage if she failed to do so. Expect to be on that mortgage until the day it is paid off, refinanced, or foreclosed.
Consider that you have learned another expensive lesson.
2007-06-23 02:02:55 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
You're stuck until the mortgage is paid or refinanced.
Life Rule: Never ever cosign for anyone.
2007-06-22 15:42:42 · answer #4 · answered by PersonalFreedom 4 · 5⤊ 0⤋
she needs to improve her credit rating enough to not need a cosigner, and then refinance the loan
2007-06-22 15:42:46 · answer #5 · answered by Mike Frisbee 6 · 0⤊ 1⤋
It would need to be refinanced in her name only....which from the sounds of things isn't gonna happen.
Sorry, but maybe you and she need to have a heart to heart talk.
2007-06-22 15:42:06 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Truth is U are screwed...
Do what U can to get your name off the loan, or pay one month so she paying the current bill.,..
2007-06-22 15:47:08 · answer #7 · answered by who be boo? 5 · 0⤊ 1⤋
Well it kinda looks like you have a new home....Welcome Home!
Hey, you can Always Evict her!!!
2007-06-22 15:47:13 · answer #8 · answered by Mona Lisa 4 · 0⤊ 2⤋