tag:blogger.com,1999:blog-788849002025834990.post2132624898645815806..comments2023-10-28T10:25:59.851-04:00Comments on Your Freedoms and the Law: I am the primary borrower on a loan and my cosigner has filed for bankruptcy. What should I do to protect myself?Kelsey & Trask, P.C.http://www.blogger.com/profile/05241677623102829217noreply@blogger.comBlogger26125tag:blogger.com,1999:blog-788849002025834990.post-60894658636839427352015-02-13T17:36:49.407-05:002015-02-13T17:36:49.407-05:00I'm not sure what you mean by "no paper t...I'm not sure what you mean by "no paper trail." Presumably there is a title for the car and a promissory note for the loan. You still owe the money for a loan that you agreed to pay unless you have also filed for bankruptcy. Just because something is not on your credit report does not mean you do not owe it or that it does not exist. Credit reporting is a separate issue from actual liability. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-74068399878915067632015-02-12T19:56:11.253-05:002015-02-12T19:56:11.253-05:00I have a car loan through Santander and my aunt as...I have a car loan through Santander and my aunt as a cosigner. A few mouths after she filed for bankruptcy and since then the loan has been through there bankruptcy department. They haven't been filing on my credit and wiped all of it I had from it before. I'm now trying to get a new car and there is no paper trial of me owning the car I own now in the first place. If I was to just give them the car could they even do anything even though I still owe them money for the loan? Tonyhttps://www.blogger.com/profile/03235581627812714780noreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-40051980530809801832014-12-18T09:13:45.927-05:002014-12-18T09:13:45.927-05:00That is certainly bad timing. They should not rej...That is certainly bad timing. They should not reject the payoff, but you may want to have an attorney follow up with them and review your mortgage agreement.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-49430570296226086972014-12-17T17:03:37.780-05:002014-12-17T17:03:37.780-05:00Going through divorce, bought my ex out of the hou...Going through divorce, bought my ex out of the house 3 yrs ago when we separated. He signed quit claim deed over to me. I have been making payments on time. Knowing that he was going to file chapter 7 bankruptcy, I refinanced my house. Both names were in old loan. He filed bankruptcy on 12/3/14 and even though old loan was not included in bankruptcy, they put a code of bankruptcy on it. Old loan received my pay off on 12/16 and are holding the funds. After getting the runaround from them, they told me that he because of the bankruptcy code, they have to hold the funds for 5 days. Is that normal? Any chance they may reject the payoff? I am the co-borrower in the loan and have nothing to do with the bankruptcy. I want to pay off this loan and keep my house. Please help! Thank youNathaliehttps://www.blogger.com/profile/11000545028215056263noreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-47925471625248506222014-11-29T09:43:31.539-05:002014-11-29T09:43:31.539-05:00The answer to this question depends on what state ...The answer to this question depends on what state you live in. You should consult with a local attorney.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-41298093080792794182014-11-26T14:59:07.865-05:002014-11-26T14:59:07.865-05:00Dear Justin,
My mother needs to refinance her con...Dear Justin,<br /><br />My mother needs to refinance her condo through the government HARP program to lower the monthly payment. She is the only person on the mortgage loan and she has been out of work for the last 8 years. My father has made all the payments and on time. However, his credit is bad and he owes some lenders (banks, credit cards, etc) money. He earns a low, but stable income. Based on his pay stubs, my parents qualify for the HARP program. Their concern is that if my mother refinances with my father being the co-signer, can his lenders put a lien against the condo and/or can they lose the condo all together. Looking forward to your reply.Anonymoushttps://www.blogger.com/profile/02918792732425652470noreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-8632952023306501202014-10-06T11:44:41.590-04:002014-10-06T11:44:41.590-04:00The answer depends on the terms of the loan and ot...The answer depends on the terms of the loan and other facts which are not included in your question. You should take the loan documents, your payment history and the information about your co-signer's bankruptcy to a local attorney for a complete review and opinion.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-88743851657390152072014-10-05T18:13:37.301-04:002014-10-05T18:13:37.301-04:00If my co-signer of a loan filed chapter 13 bankrup...If my co-signer of a loan filed chapter 13 bankruptcy in 2010, but the loan company continued to send me statements each month and I continued to pay on the loan every month until 2012. In 2012 they put the loan in default due to the 2010 bankruptcy filing. Are they able to default the loan 2 years later even though they were accepting payments.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-52873373389746747482014-08-07T10:21:36.648-04:002014-08-07T10:21:36.648-04:00You should talk to a local attorney about what rig...You should talk to a local attorney about what rights and obligations you have. As we explain in our latest post signing a loan is a pretty serious obligation that many people take too lightly: http://bankruptcyma.blogspot.com/2014/08/good-idea-bad-idea-cosigning-loan.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-35297198754792316202014-08-06T23:53:32.663-04:002014-08-06T23:53:32.663-04:00about 4yrs ago my brother bought a house and becau...about 4yrs ago my brother bought a house and because he had a bad credit score he needed a co-borrower. he had me sign as the co-borrower. i only stayed with them for a month and had no news about the house till about 2 years later when he told me that on the mortgage, my name is in as the Main person (don't know legal term).<br />he has filed for bankruptcy months ago and i just recently found out. will this affect my credit score? i've been paying all my bills on time my whole life so i really hope not.<br />also, is it possible to get my name off of the house?<br />i am not actively participating in maintaining the house, nor have i resided there and i am also not the benefactor. my brother has elected his wife and kids as the benefactors of the property in case something happens to him. <br />Do laws about this differ in each state?<br /><br />would appreciate any help :)<br />thank yoU!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-66127574979635886422014-06-21T00:17:40.361-04:002014-06-21T00:17:40.361-04:00While lack of capacity may be a defense to a colle...While lack of capacity may be a defense to a collection suit, it may not be possible to remove him from the note. I suggest consulting with a bankruptcy attorney in your area.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-47016722055979064162014-06-19T18:04:51.689-04:002014-06-19T18:04:51.689-04:00My father cosigned for a car loan for my brother&#...My father cosigned for a car loan for my brother's wife last summer. They have since divorced and she's in the process of filing for bankruptcy. My father was recently diagnosed with moderate to advanced dimentia by an neurologist. The Dr advised that the condition has been getting progressively worse over the course of the last three to five years. My father would have never cosigned if his mental capacity weren't diminished. How do I get him off of the note before her bankruptcy proceedings conclude?Anonymoushttps://www.blogger.com/profile/07159247931367534834noreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-66349621808099195822013-08-12T09:34:36.498-04:002013-08-12T09:34:36.498-04:00If you have reaffirmed your mortgage loan at the t...If you have reaffirmed your mortgage loan at the time of your bankruptcy, a co-signor's bankruptcy should not affect the loan, but to be sure about your situation I would suggest consulting with your father's bankruptcy attorney.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-11292544226839705692013-08-12T01:58:10.550-04:002013-08-12T01:58:10.550-04:00Kind of a crazy situation and question please help...Kind of a crazy situation and question please help, my husband and I filed chapter 7 3 years ago my father co signed our mortgage about 6 years ago. We were able to keep our house and pay all payments on time but no my father (our cosigner) might have to file bankruptcy himself. Can we actually lose our home now since it has already been in a bankruptcy once ? Thanks Sadhttps://www.blogger.com/profile/14993309621343670737noreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-64781829749061835512013-06-24T08:58:26.577-04:002013-06-24T08:58:26.577-04:00The relationship between primary borrower and co-s...The relationship between primary borrower and co-signor doesn't affect their legal obligations to the creditor. If your co-signor files for bankruptcy, then your car loan could be effected. However, most lenders will allow the primary borrower to keep the car if you keep making payments. The primary borrower's credit rating should not be effected by a co-signor's bankruptcy, but information is not always reported to the credit agencies correctly, and you should check your credit regularly to ensure that all information on your credit report is up to date and correct.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-75642383458865561102013-06-22T07:00:38.803-04:002013-06-22T07:00:38.803-04:00Thanks for your information on the issue. I guess...Thanks for your information on the issue. I guess it also applies to the daughter being the primary borrower and the mother being the co-signer right? My mother wants to file for bankruptcy, but she co-signed for me on a car loan. I can't really pay off the loan myself and I want to keep the payments that we are making every month, is there a way to keep it like that? Also, I wasn't really clear about the credit rating part. So, if my co-signer files for bankruptcy, I get affected too because we signed for the loan? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-35352620647979002012013-05-29T09:42:07.615-04:002013-05-29T09:42:07.615-04:00Often Credit Reports don't reflect completely ...Often Credit Reports don't reflect completely accurate information. There are ways to update or correct your credit reports and you should consult with an attorney or credit expert in your area to find out the best steps to take in your situation.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-90541397532700605772013-05-28T18:04:10.206-04:002013-05-28T18:04:10.206-04:00In my situation, I kept a car that my dad had co-s...In my situation, I kept a car that my dad had co-signed for. I had been making the monthly payments that were agreed on before the bankruptcy. But when pulling my credit report earlier this year, I found that my payments had changed and they had never notified me because of the Chapter 7, which has brought my credit back to where it was before bankruptcy. Also, I noticed that on 2 of the 3 CBR, the car in question is showing as 0 balance filed in bankruptcy. Any ideas as to what I should do next? The car isnt showing on my dads Credit Report at all. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-71225358663516489192012-11-14T13:26:22.231-05:002012-11-14T13:26:22.231-05:00The loan information should have still been availa...The loan information should have still been available to the primary borrower during the bankruptcy. Whether she has any recourse for the late fees would depend on what she did pay, how much information she had, and what documentation she had regarding Wells Fargo's refusal to cooperate. Regarding the credit score, once a delinquent account is paid the credit score starts to bounce back over time. To try and have the delinquency removed, she could appeal to the credit agency's and explain her story.Kelsey & Trask, P.C.https://www.blogger.com/profile/05241677623102829217noreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-59012338908772340282012-11-14T07:41:59.835-05:002012-11-14T07:41:59.835-05:00My girlfriend's parents cosigned a student loa...My girlfriend's parents cosigned a student loan for her through Wells Fargo. They went into bankruptcy, Wells Fargo claimed they weren't allowed to release any information about the loan till the bankruptcy was complete. This left my girlfriend in the dark about how much she owed and what the monthly payment should be. During this time she was charged late fees and because she didn't know the what the minimum payment should be but paid on it monthly. The parents are now out of bankruptcy and while trying to get a loan for a home purchase she discovered that Wells Fargo had sent this loan to collections. She was able to get a total amount due and pay that off.<br /><br />Is there any recourse for these late fees and the knock against her credit score since she was basically kept in the dark?Dustinnoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-14394669212731842542012-08-14T10:10:43.108-04:002012-08-14T10:10:43.108-04:00For information on post-bankruptcy see our post: H...For information on post-bankruptcy see our post: <a href="http://bankruptcyma.blogspot.com/2011/02/how-do-i-rebuild-my-credit-after.html" rel="nofollow">How Do I Rebuild my Credit after Bankruptcy</a>Kelsey & Trask, P.C.https://www.blogger.com/profile/05241677623102829217noreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-27574870913508635822012-08-14T10:06:51.921-04:002012-08-14T10:06:51.921-04:00The issues addressed in this post do apply to mort...The issues addressed in this post do apply to mortgages. Whether or not your in-laws can refinance will depend on many other questions, but your wife's name on the deed and her bankruptcy should not limit their ability if they otherwise qualify.Kelsey & Trask, P.C.https://www.blogger.com/profile/05241677623102829217noreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-22538343324719359002012-08-02T11:54:57.625-04:002012-08-02T11:54:57.625-04:00Does this situation you explain on top also apply ...Does this situation you explain on top also apply to mortgage?<br /><br />My wife is filling BK 7 and she helped her parents in law to cosign a mortgage 3 years ago. Her parents have full intention to keep the house. Can they refinance the house after the discharge even tho my wife name is on the deed?<br /><br />Thanks!Garynoreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-46401387875279949982012-07-30T18:21:13.314-04:002012-07-30T18:21:13.314-04:00Anonymous,
Any Chapter 13 plan will have to accou...Anonymous,<br /><br />Any Chapter 13 plan will have to account for the home mortgage as well if you are still legally liable for it.Kelsey & Trask, P.C.https://www.blogger.com/profile/05241677623102829217noreply@blogger.comtag:blogger.com,1999:blog-788849002025834990.post-83887491252607496632012-07-28T09:05:25.234-04:002012-07-28T09:05:25.234-04:00If I file chapter 13 on my ex-wife's home, as ...If I file chapter 13 on my ex-wife's home, as a co-borrower in the state of Florida, and list my unsecured debts like credit cards, and pay them off in a year, would this release me of all responsibilities for the home. Quick claim deed is in her name. She did a Loan Mod and I didn't sign, but Ocwen Loan Servicing told me they will not release me. Her child support is more that the house paymentAnonymousnoreply@blogger.com