Legal Question in Real Estate Law in California
When I was 17 my aunt had me sign on her FHA loan. If i'm not mistaken you cannot enter into a legally binding contract under 18. I want to purchase my first home and its been 10 years since i signed on my aunts house. I don't qualify for an FHA loan because of her loan, in addition to that she hasn't made a payment on time in the last 16 months so my credit is in the toilet. I want to void the loan out but i don't want my aunt to lose her house but i don't want to be obligated to this loan that i legally couldn't enter into. WHAT WILL HAPPEN IF I VOID THE LEASE WILL SHE LOSE HER HOUSE AND WILL SHE GET ANY MONEY RETURNED TO HER?
2 Answers from Attorneys
Nice try. Nothing you can do now changes the present loan, nor your damaged credit rating. The only way out of your obligation on that loan is for it to be paid off through sale or foreclosure. Even if the loan history and your credit were good, you would not qualify for another loan, since you are still obligated on this one.
FHA allowed a minor to guarantee a loan? Contracts entered into by minors are voidable at the option of the minor, unless they are for necessaries of life. If you were emancipated as a minor, then that rule would be inapplicable, because the law would treat you as an adult.
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