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Qatralnada

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  1. They refinanced 5 months ago. How much could the value have possibly dropped that it can't be sold for or close to what it was refinanced for? Just as with your previous post about you being a cosigner saving on taxes, this post doesn't make sense either. The market is down their neighbor listed his house for sale for $50 k less and it's still on the market a few months later. When you transfer the ownership from one person on the loan to another like an internal sale you have to pay taxes just like you're selling the house at least that's what the lawyer said during the refinance. I hope it gets sold early spring of 2017 but now no one is buying so I am looking for options till it gets sold.
  2. I can lend them the fees to sell the house but the problem is that the market is down and there is a couple of houses listed next to them with much lower than they are worth. The mortgage is high and I have my own mortgage. We only learn from our mistakes. Thank you
  3. They are not late in payments but they got to the point where they cannot afford the mortgage and their own expenses and we are looking for ways to get rid of the house and my name with the least damages possible.
  4. Hi, I have posted in another forum a few months back about raising my credit although my name is on a property that I co-signed for but don't pay mortgage or reside in. It was done as a family favor and now I am literally going through hell according to the saying "no good deed goes unpunished." This house was purchased in 05/2015 and refinanced in 07/2016. My family cannot afford the mortgage anymore and we have loss mitigation, short sale or foreclosure. They cannot even afford the 6% seller fees if they want to sell it or even add a door to separate the basement which is completely finished. I have my own townhouse that I bought for a reasonable price. I don't want foreclosure or short sale. Please help me with a solution that does not harm my credit and get me out of this mess altogether. I know I am an salamander by cosigning but wanted to help family that's all. If we do short sale, foreclosure or even bankruptcy will they come after my townhouse that is only under my name? or my car? Thank you
  5. Update, the time I dreaded has come and they can't afford the mortgage anymore and are looking for foreclosure. They can't even afford to sell the house and pay the 6% agent fees. I know I am in deep sh$%t. Any other ways to get out of this miss without hurting my credit? The ultimate goal is to get out of the house.
  6. I have business plans in mind and I want to be prepared...760 is my goal but I am aiming for 800 as well..my current cc limit is 24k with 4 cc...I only use the cc to build credit but I pay everything immediately and don't buy what I don't need...I will keep shopping for cards to increase my limit not sure if I can do 100k that quick maybe in 1-2 yrs.. I also want to get a new property once I have 30-40% equity on my current house in a year or two
  7. This is very helpful. Thanks. My sister and her husband bought the house a year ago and just refinanced and I again signed with them. I asked to be removed from the deed and all the papers but they said it would cost them ~$4k in taxes to remove one of the borrowers. I had good intentions a year ago and they swore and begged to have my name and remove me within 6 months. I understand my kindness was abused but I am looking to get out hopefully if they refinance again. My dad put me as an authorized user when I was in college to establish credit history but I didn't know he was careless in his payments (this is ridiculous as the balance was as little as $50-100)...My responsibility is terminated but I will take your advice and dispute to stop it from showing on my credit report. I know this is stupid but if you could think of a way to get out from my sister's mortgage, that would be helpful...Thanks again I'm guessing they're claiming you as a dependent on their taxes. Which is fraud if you don't actually live with them. Getting out of that mortgage should be your primary goal. No, I have my own house and I file my own taxes no dependency on anyone..I'm just a co-borrower non resident for their property. Thanks How would this cost them in the form of taxes? About a month ago, they refinanced their house and I was their and asked the lawyer and he said in MD to remove a co borrower from the deed it will increase the taxes and it counts like a new one and there was another tax related cost by removing one of the owners but I forgot what it's called which all came down to about $3-4k
  8. I have business plans in mind and I want to be prepared...760 is my goal but I am aiming for 800 as well..my current cc limit is 24k with 4 cc...I only use the cc to build credit but I pay everything immediately and don't buy what I don't need...I will keep shopping for cards to increase my limit not sure if I can do 100k that quick maybe in 1-2 yrs..
  9. This is very helpful. Thanks. My sister and her husband bought the house a year ago and just refinanced and I again signed with them. I asked to be removed from the deed and all the papers but they said it would cost them ~$4k in taxes to remove one of the borrowers. I had good intentions a year ago and they swore and begged to have my name and remove me within 6 months. I understand my kindness was abused but I am looking to get out hopefully if they refinance again. My dad put me as an authorized user when I was in college to establish credit history but I didn't know he was careless in his payments (this is ridiculous as the balance was as little as $50-100)...My responsibility is terminated but I will take your advice and dispute to stop it from showing on my credit report. I know this is stupid but if you could think of a way to get out from my sister's mortgage, that would be helpful...Thanks again I'm guessing they're claiming you as a dependent on their taxes. Which is fraud if you don't actually live with them. Getting out of that mortgage should be your primary goal. No, I have my own house and I file my own taxes no dependency on anyone..I'm just a co-borrower non resident for their property. Thanks
  10. This is very helpful. Thanks. My sister and her husband bought the house a year ago and just refinanced and I again signed with them. I asked to be removed from the deed and all the papers but they said it would cost them ~$4k in taxes to remove one of the borrowers. I had good intentions a year ago and they swore and begged to have my name and remove me within 6 months. I understand my kindness was abused but I am looking to get out hopefully if they refinance again. My dad put me as an authorized user when I was in college to establish credit history but I didn't know he was careless in his payments (this is ridiculous as the balance was as little as $50-100)...My responsibility is terminated but I will take your advice and dispute to stop it from showing on my credit report. I know this is stupid but if you could think of a way to get out from my sister's mortgage, that would be helpful...Thanks again
  11. Hi, I need help improving my score please. I have been trying for over a year and it never gets above 730s. Stats: A. 4 credit cards with one of them being utilized the most. 1. I rotate the other ones every month or so. 2. First cc opened in 2013, 2 cc opened in 2014 and 1 cc opened in 01/2016 B. 1 mortgage 100% under my name (~$215k) since 02/2016 C. 1 mortgage as a co buyer (was helping my sister and her husband) but I am not a resident there (~ $620k) since 05/2015 and don't pay a penny towards mortgage. [They have been current on all their payments] D. 1 student loan account (~ $8k) since 07/2011 E. My dad added me to his cc back in 2011 and he was late on his payments which still show on my credit report. I didn't know that he was late and as soon as I knew I called them and terminated my responsibility on the cc. Questions: A. Is having my name on such a big mortgage and not contributing to it hurting me? B. 1. How long would these late payments affect my score? 2. It is open and current but total missed payments are 7 and he has been current since 2013 although I terminated my responsibility back in 2012. C. Shall I open more credit cards? How many maximum is recommended? E. When should I pay off the cc, right away or at the monthly due date? I have been following my credit karma and it looks like the cc report to the bureaus twice a month not even around the due date which most of the time shows that I have balance on them. F. I am also current on paying my student loans and mortgage and even pay twice a month when I can. I have no other debt. Please help me out. I have been trying to increase my score for two years. Thanks

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