Legal Question in Credit and Debt Law in Texas
Please help. I am in desperate need of information and I am not sure who to ask or can anything is done in my situation. I have a family problem, and I do not know where else to turn in this matter. My situation is this, it may not sound important but it is to me and is causing my extreme stress. I have a family member (sister) that I co-singed on a house for her 5 years ago. The agreement was I co-sign for her and within a year she would re-finance in order for me not to be responsible for her home. I have been five years later and I still can not remove her from my responsibility. She has damaged my credit report by not paying her mortgage on time, now that I am trying to purchase a home of my own I am being denied for a loan due to the fact the banks are considering her mortgage as my debt and in realty it is not. I tried talking to my sister and I have tried to get this home refinanced for her and her husband and the bank still refuses there refinancing. I need to know if there is anything I can do to legally remove my self from this responsibility? I have tried to explain this to my sister how she is ruining my creditability but she does not care. I need consultation on what I need to do. Thank You!
1 Answer from Attorneys
You're stuck.
Try to think of this from the point of view of the bank: they have a loan with TWO people on the hook, two debtors. If one of them dies, or defaults, the bank can sue the other one. The bank is in good shape. You're asking them to reduce the collectibility of their loan by 50%. Why would they want to do that? It would be a bad business decision.
Until your sister refinances in her own name (she would have to qualify ALONE), you're stuck.
You can get off the hook by filing bankruptcy, but that would be pretty drastic.
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