CO-CREDITOR Versus Interest on Credit

mona elahi · Joined: 23 Sep 2008 Posts: 3 Location: Texas

I have a Question
My Hubby was the co-creditor in the mortgage deal with his younger sister's house(5 yrs ago)only her husbnd is working a part time job
some times its quite difficult for them to pay mortgage on time
do havee some backed up mortgage
now the thing is(Qusetion is)DOES THEIR BAD CREDIT EFFECTS OURS TOO>>>>Because of being co_CREDITORS?
plz do answer
I do feel for the rising interest rates ,sp in these times?
:roll:

m2c · Joined: 03 Aug 2005 Posts: 937

It is possible to have a co-signed monthly obligation excluded from your debt-to-income ratio. Typical situation is a co-signed car loan for son or daughter. Normally would require proof that primary “obligor” (and owner of the car in my example) has made payments for a period of time usually by means of cancelled checks.

Can work with a mortgage in divorce situations – court order, cancelled checks, etc. A more immediate effect is on your credit score and the devastating effect it can have on YOUR cost of new credit. You may wish to obtain a credit report on yourself via the FRCA sponsored site (www.annualcreditreport.com) -- one free report per respository per year. YOU WILL HAVE TO PAY A SMALL FEE FOR YOUR CREDIT SCORE. There are also numerous other profit making vendors on the web show indicate “free credit reports” but it’s if and only if you sign up for their credit monitoring service.

mona elahi · Joined: 23 Sep 2008 Posts: 3 Location: Texas

Thanks
I will check the Credit report

Jenie0109 · Joined: 27 Jan 2009 Posts: 307 Location: chicago IL

nice post.