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Parents Mortgage Payments


thegripper
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4 Years ago I was a co borrower with my parents in buying our house since I was working full time. My parents always made the payments. I never made a single payment. In the past six my parents missed their payments due to financial hardship and have filed bankruptcy. However this situation has severely damaged my credit score since the mortgage was being reported in my credit as I was a co borrower. My question is there any way I can dispute this and repair my credit since I was not making the payment at all.:-

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You accepted joint responsibility for the loan when you cosigned for it. Legally it doesn't matter that you weren't the one making payments. You, as coborrower, are still going to be responsible for paying the mortgage unless you file bankruptcy. Their bankruptcy doesn't discharge your responsibility for the debt.

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You better be careful here. If you have assets, you're ripe for a lawsuit. You are legally on the hook for these balances. What's the story with the home? Are payments being made? Is there a looming foreclosure?

That's quite a situation to put on your child....they make use of the home and stick you with full responsibility for the debt and severely damage your credit.

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