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jamminbyalias | I was lied to. Legal Advice? |
About 2 years ago, my aunt, a real estate agent, wanted me to help one of my uncles co-sign for a house that they couldn't afford. I agreed to be their co-signer since my credit was pretty good and my aunt (the real estate agent) brought over paperwork for me to sign (without reading it, I signed all the paperwork). My aunt and uncle both reassured me that I was only a cosigner. A year and a half later, I go to apply for an auto loan to find out that my uncle's house was foreclosed and it was on my credit report. I talked to my uncle and he told me since I am a co-signer I can most likely file a claim and get it off of my credit report. After filing a claim with the credit bureau and the bank where the loan was taken out, I come to find out that I was put on the mortgage loan as a primary instead of a co-signer. Do I have a case since I was lied to about my status on the loan-- even though I have signed all the paper work? Please, any advice would be appreciated. Thanks |
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bex
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A co-signer is the same as a co-borrower. It's strange that they put you as primary without telling you, but not surprising--loan officers will do what they need to do to make a loan work. Had you read the loan papers you signed, you would have noticed that.
But being the primary vs the secondary has no effect on your repayment responsibility. Each person on the loan is equally liable for the monthly payments and when they are not made, it reflects on each person's credit report.
I'm sorry to tell you but you have zero legal recourse. That's why they say never sign anything without reading it first.
:( |
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acermill
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You have no recourse in this matter. When you sign such legal documentation, it is your responsibility to know what you are signing.
One should NEVER sign as a co-signer unless he/she is fully willing and able to absorb the deficiency which may result if the borror defaults.
You are going to learn a VERY expensive lesson, since this may not yet be over. The lender which foreclosed the property has the right to come after you for the deficient amount caused by the foreclosure.
Seek the advice of an attorney immediately. |
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Heinz M
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You are too gullible and were taken advantage of. Learn a lesson from that. ~
Unless you have a witness or something in writing, how will you prove against 2 others that they lied and not you?
Signing something without reading is just asking for it. |
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spadezgurl22
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your aunt and uncle are total scum for doing this to you, u need to seek legal help and get the proper advice. |
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CHUCK
 |
I'm the mtg. guy and these are the facts: As a co-signer and or primary makes not difference, you are commited for pymts on ANY loan/mtg. You are as the co-singner as responsible for pymt just as much as the primary. I'm sure you were the co-singer since had you been put as the primary you would have been receiving the statements and past due notices. As co-singer you would not have received same. There was nothing to dispute to the bureaus. Ignorance is not excuse, but as family your aunt should have explained your liability. This will stay on your report for the next 7 yrs., you can apply for a Fannie Mae loan after only 2 yrs away from the F/C date but it is imparative that you keep the rest of your credit clean. When the time comes and you are interested in buying a home contact me and I can look into it for you.
Chuck |
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Jack
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Whether you borrow the money yourself or co-sign, it's your loan until it is paid.
A co-signor is just as liable as the primary. It's a tough lesson to learn and a high price to pay for not reading the contract or getting independent legal advice.
Count your blessings, there could have been a deficiency balance and you would have ended up paying that. |
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~~kelly~~
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what you were told doesnt mean jack shitt, whatever you signed, whatever is in writing is all that matters, if you signed as the primary, then you are, no matter what words came out of her mouth. and to me, it sounds like you are the primary, the one with the bad credit, your uncle, is never the primary, bc they can't get the loan. I have a loan with a good friend where she is the primary, bc her credit is better, and im the cosigner, because it is my account, and i make the payments, however, if i were not to pay on it, both of us would be at fault. she would have to pay half and i would have to pay half, thats what cosigning is for. if your uncle doesnt pay it, the whole reason you cosign with him is to say if the primary doesnt pay it, the cosigner will, and both of your credit reports are directly effected by every transaction, or late payment made. read your papers next time, all i can say. let me know if you need to know anything else. |
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thinking-guru
 |
You could sue your Uncle but that is it and I am not certain on what grounds or what damages you could claim. Fraud? You signed the documents so regardless of if you read them, you agreed to them.
This is unfortunate but not uncommon. I often see cosigned debts on credit reports that the consumer did not know would affect them. ALWAYS read what you sign and be wary of cosigning for anyone. |
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R.E. Advice
|
Wow, looks like a tough room here that's giving you a good lecture, rhetoric, but very little advice. I guess you should have just asked everyone to go "Judge Judy" after-school special on you.
My main advice is to have you consult an attorney, and try to prove that they violated an oral agreement. Although what's in writing is usually the rule, you might be able to prove there was fraud, misrepresentation, or signing under duress (you may have an ethics complaint with your aunt's board of REALTORS or legit complaint with that state's Division of Real Estate).
REALTORS and regular licensed real estate agents have extra responsibilities and liabilities that you may find recourse with. Good luck! |
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sciencegeek+
 |
you need to talk to lawyer in your area. |
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Tim
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You would have to be able to prove that you were lied to.
If the paperwork shows clearly that you were to be a co-signer, then you have a suite against the loan company.
Best to have an attorney look it over. Some offer a free consultation. |
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