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My mother in law co-signed on a HELOC ( home equity line of credit ) I'm losing my home how can I protect her |
My mother in law co-signed on a HELOC ( home equity line of credit ) I'm losing my home how can I protect her If I'm reading you right, the credit damage is already done, so you want to protect her from paying back the HELOC. If there is any equity left, sell the house asap, (just for the amount you owe) and keep the HELOC payments up until then. If she has any equity in her home, she could pay it off and you could pay her back (she legally owes it anyway). If you file a Ch. 13, she will not need to file with you. You will however need to pay the whole debt back or they can still go after her. It may be worth speaking to an attorney at this point. Sorry hon, but if your Mom co-signed there really is nothing you can do to protect her. As the co-signer she is responsible for payment of the loan if you default. Not to make you feel any worse then you already do, but this is going to have a huge negative impact on both of your credit reports for years. Finance Manager for over 7-years. You can't. She is just as responsible for making the payments. At this point, if you are going to lose the home, she might want to make the payments for you, if she is able. Otherwise, the foreclosure will also be on her credit, which will be ruined by it, the same exact way yours will be, as it is equal 50-50 when you co-sign for a loan. Nice thought, but the only way would've been to avoid losing your home. Hopefully you gave her a chance to help you. Good luck. you can't. a co-signer is responsible for payments if you default. this will have as big an impact on her credit score as yours. |
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