In 2011, when I was young and dumb, my older sister asked me to sign for a car loan for her and her husband for a 2011 Infiniti QX56 totaling about $60,000. At the time, her husband was the sole earner while my sister didn't work for religious reasons even though she has like 2 masters degree. I had pretty good credit while they had very bad credit. At the time, I was saving money along with my then girlfriend to buy a home. I initially turned down the request from my sister but my family pressed me and I stupidly relented and signed the contract which cost me my relationship with my then girlfriend. At the same time, I also signed a contract to rent a home in Texas for them (i lived in DC at the time and now Seattle) because of their bad credit. They kept up with the payments on the car and home until about 19 months ago. Due to financial issues, they started slipping up in their payments eventually leading up to them being evicted (and I only found out about the eviction after the fact due to an alert on my credit report). The landlord sued them (me) and got a default judgment against me for about $5000. In addition, the financial institution I got the car loan for contacted me today trying to repossess the car. My sister and her husband failed to inform me that they were 96 days past due to the tune of $4,000. I had to pay $4000 to have the repossession activity halted.
Here's my bind. My sister and her husband can't make payments so I have to now. The car loan is valued at $29000 with a monthly car note of $1054. I make above $4500/ month with my biggest expense being rent of about $1500. I lead a pretty streamlined life so this new expense feels overwhelming. Question, how can I get this debt under control? How long will it take to fix my credit? I used to be in the low 700s and now my credit is hovering at 615 and the credit bureaus have not yet reflected the late payment of the car note. Can I rent with the civil judgement showing up on my credit report? Please help me.
Submitted January 25, 2017 at 12:20AM by redshrek http://ift.tt/2j3yJiL
