- This topic has 6 replies, 4 voices, and was last updated 10 years, 2 months ago by Anonymous.
- April 30, 2011 at 4:20 am #418350AnonymousInactive
They are Not , the lender protects the lender by holding Each person fully liable for the loan taken out .
They will go after each of them to satisfy the loan .
- April 30, 2011 at 4:20 am #418351AnonymousInactive
You don’t want advice from us. Your friend needs the services of a real live attorney. Step one would be contacting the attorney who handled the real estate transaction listing both their names.
I’m not a lawyer, but I’m guessing that the mortgage company will be coming to your friend for full payment and that he’ll lose the house if he can’t make it. He, in turn, can sue the distant friend for his half.
A better solution might be to sell the house now, before the mortgage payments are in arrears.
- April 30, 2011 at 4:20 am #418352AnonymousInactive
They are not protected. Each person is 100% reasonable for the loan. The loan company doesn’t care which one pays it. The foreclosure will effect each of them equally.
- April 30, 2011 at 4:20 am #418353AnonymousInactive
Your friend needs to have the ex-roommate sign legal papers that they have no longer have an interest in the house.
Think of it as a marriage; in a divorce agreement, one or the other takes the house & all the responsiblities.
Your friend can make all the payments & everything else for years which allows them the house, but without an agreement from the other party, 5-10 years down the road, your friend stands a chance of losing half because it was left in both of their names.
Spend money now for a lawyer or take a chance on court actions later.
- May 4, 2011 at 4:14 am #200642AnonymousInactive
…the effect on my FICO score? I have only had one collection and it was removed from my credit report. I have 13 other accounts in good standing. My credit history is about 2 years because I am young. I don’t have any high balances except for my car…9,500 out of the 13,500 originally. What will be the impact on my credit score with the removal of this collection alone? Thanks!
Hi everyone! I know that my credit score will go up because of this but I need to know how much, the actual amount or an educated guess! Thank you!
- May 5, 2011 at 12:59 am #258330AnonymousInactive
it depends on the age of the collection account. somewhere between 20 and 35 points usually. It depends on what your credit score is also. if you have revolving credit and how you pay your bills and balance. good luck sounds like you are doing all the right things keep it up and keep inquiries down too. over three or four a year dings your credit also! Read Dave Ramsey financial peace.! God bless
- May 5, 2011 at 3:53 am #258505AnonymousInactive
your should go up but i just don’t know how much.. and keep up the good work with paying your bills on time.
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