Jan
29
Is There Any Way To Scape Bad Credit History In A Co-mortgage If My Partner Is Unable To Pay For His Share?
ByMy partner and I decided to buy together a home two years ago. He is unable to meet his financial obligations, and is considering to declare himself in bankruptcy. I can continue paying for my share, but definitely cannot pay for his. Is there any way I can escape from this loan without having a bad credit history? Any tips in how to avoid foreclosure or bankruptcy?
3 Comments
January 29th, 2010 at 8:19 pm
Only to pay the loan in full.
Other than that…maybe try to negotiate different terms with the bank.
January 30th, 2010 at 12:14 am
Whn you both sign a note you are both 100% responsible for the payments. Even if your partner bankrupts you are still responsible regardless of other issues. There are many options out there at present for avoiding banruptcy. You should speak to your lender(s) and see if they might offer a deed in lieu of foreclosure, a shortsale, or a loan modification. These days banks are finally becoming flexible. Best toget started on things right away in these cases as once the “f” word appears on your credit you will have a great deal of problems buying a home for 2-3 + years.
January 30th, 2010 at 3:22 am
Hi,
I used “Credit Solution” to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://simurl.com/luwsoh