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YAS | I helped my brother to get a house, he stopped making pmts since Jan08. I have my own house. what will happen? |
we are both in the mortgage loan. I just started receiving phone calls from the lender. I know eventually we will face foreclosure. I currently have a very good credit and since I have my own house, there is nothing I can do to make pmts on his house. He is now 2 months behind on his pmts. I don't know what to do!!! I guess just say good bye to my good credit :-( |
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Landlord
 |
You do two things. You kiss your credit good-bye and prepare for the bill. You are just as liable for the money as your brother.
If you secured his loan with your house you need that baby good-bye as well. |
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Real Estate Guy
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Your brother has screwed you.
PEOPLE!!! NEVER co-sign for anyone. Period. No matter what. If the lender says they will not give them money - LISTEN TO THEM. It's for a reason - they are a bad risk.
In regards to your deal. You could lose your house. Depending on the state, the bank can come after you and your brother for any monies owed. |
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Spock (rhp)
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yup.
your credit will recover in about three years.
your brother's likely won't.
don't get into any deals with him ever again. he's plain irresponsible.
PS to signman_ only true in some states. check state law for details. |
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union76@y7mail.com
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You are correct. Why did you co-sign when you had no ability to deal with the situation should your brother prove to be a flake? Never ever co sign unless you have the financial ability to take on the debt. Why has bro stopped paying? Is there any possibility that he can bring the loan current? Is he married? Can he take on a second job? One possibility is that you take a home equity loan out on your property, bring the loan current, get your brother out of the house and turn it into a rental. The rental market would be a determinate factor on wether this would be a wise decision, also your ability to deal with a rental. Try to get brother to be a man and deal with this issue. Does he have toys or cars to sell? Try to get the home sold asap if possible You should get it on the market. I don't know the foreclosure process in your state, but in Washington, first a notice of default goes out. In 30 to 45 days we send out a notice of trustee sale which gets recorded. Once the foreclosure is public knowledge the vultures come out of the woodwork. After that you have 90 days before the actual sale. You should contact the lender and see if they can help you to reorganize this debt or somehow come up with a solution for both you and your brother to keep from selling the property on the courthouse steps. If either you or your brother file bankruptcy the foreclosure is stopped immediately for the time being, so you could see a bankruptcy attorney about this option. The important thing is to not bury your head in the sand and just let it happen. I don't believe it should be on your shoulders to file. I think your brother should be the one since his credit already is the one that should be going down the toilet. Wouldn't it have been a good idea to talk to an attorney about co signing on a loan now, in retrospect? No good attorney would reccomend this course of action unless you are a multi millionaire and would make a gift of payments in the event brother failed to pay. If you can't afford to buy a house on your own, you are not ready for home ownership. |
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Brian G
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Agree with Spock, there is really nothing you can do about it. Im sorry for your bad luck but unless you can get ahold of your brother and he refinances it in his name the yea your kinda out of luck |
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hollywoodmelody
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Callthe lender and ask for the Loss Mitigation dept. They will help you determine the best road to take and what they will allow. They may let you have a short sale,could do refinance or other options. |
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essydu
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SELL IT! Not worth screwing up your good credit! Your bro can go rent somewhere and tell the landlord he doesn't have money to pay. What happens then? 30-day notice. No one puts up with non-paying tenants. You shouldn't either. |
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♥ Miss Smiley ♥
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OH BOY .. THERE GOES THE HOUSE AND YOUR CREDIT!!-Sorry |
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godged
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Your credit is already being tanked as we "speak" about this, so take action now. Talk to your brother about what the heck is going on and what his intentions are. If he is driving a nice car and going out to dinner, that crap needs to stop and he needs to start fixing this situation too.
If he isn't willing to make this situation right, tell him to start packing and either rent the house out or sell it. If he owes more than it is worth, you are going to have to talk to your Realtor about a short sale. Find a Realtor that has knowledge in this area, it is not a difficult process, but some lazy or too busy Realtors can screw this up if they are diligent.
You are already kissing your very good credit good-bye, stop the bleeding now! |
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dave c
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sell sell sell or your credit will get hammered, meanwhile make the pmts for your brother if you care about your credit.
I would be about to beat up my brother if he did this to me. Although as a brother never cosign a loan make relatives stand on there own to feet. How ever since thats hind site lets discuss other alternatives.
you might if you cannot sell fast enough consider a short sale of property where it is sold for less then what is owed.
of course you will have to pay the deference to the lender.
Which may be better then having a larger debt hang over head messing you up. |
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dom n olli
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can you talk to your brother, you were close enough to get a mortgage, im shore you can come to an agreement, if not then yes its bye bye credit score |
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wartz
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You answered your own question. Can the house be sold before it gets foreclosed? |
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signman_03743
 |
Don't just say goodbye to your good credit-you could be saying good bye to YOUR house!
When the mortgage holder forecloses on his house, they will auction it off to whatever they get for a high bid. IF that bid is LESS than what he and you still owe on the mortgage-guess what-they can now go after YOU for the balance, and you could be forced to sell YOUR house to pay for HIS default.
I'd suggest you be looking for your brother and no matter what-get him to cough up the late payments whether he has to sell his car, get a second job, or quit drinking , drugging, going out to eat...whatever it takes!
Do it NOW or YOU are going to lose everything!
You 'co signed' his mortgage-which means YOU guaranteed that YOU would make the payments if he stops! |
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Expert Realtor
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They will not only foreclose, but if the foreclosure sale does not pay off the loan, they will come after YOUR house if you have assets and your brother doesn't.
Yes, they can do that...you can't sit on assets when you owe the bank a major loan.
You need to scrape up everything you have, pay the two months, and haul your brother by the ear to a real estate attorney and make him sign an agreement that he will agree to sell the house immediately to get you off the loan and to make sure you get those two months + whatever more, back. |
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