Cosigned disaster
I consigned for my daughter and son inlaw they are dragging my fica score from 825 down to 615. How can I get out of this prdiciment?
Terry Says
Oh gosh — they’re missing payments on their loan/mortgage? That’s the peril of co-signing! (I always advise that if you need a co-signer maybe it’s a message that you shouldn’t be borrowing.)
I don’t know any way out of this, because if it’s a mortgage they won’t be able to refinance, given their bad credit. Do you want to get a lawyer to write to them saying you will force the sale of their home and thus the repayment of the loan? That’s the only threat you have — and I’m not sure it would hold up in court without a written agreement in advance.
