“Dear Steve,
My credit score was too low so my mom decided to help me with my first condo. She took a loan under her name since I could not qualify, but I had been making the mortgage payments ever since. Our names are both on the property title but the loan is only under my mom’s name.
Recently, I took a huge paycut and could no longer afford my high mortgage payments. I looked under the loan modification program but it stated it has to be the primary residence (it is mine but I’m not on the loan). Are there any options to qualify for other loan modification programs?
April”
The Answer:
Dear April,
I’m sorry to break the bad news but you can’t modify a loan you are not on. However, your mother could contact the lender and see what options exist. But any modification is going to be based on her income and credit.
You simply don’t have a loan. The arrangement to pay is a private deal between you and your mom and not you and the mortgage company.
Have you talked over the situation with your mother? What’s she say about it?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.