Apologies for formatting, I'm on mobile. We live in British Columbia and approximately 4 years ago, my sister-in-law was denied financing on a new vehicle. She asked my wife if she would co-sign on the loan and she agreed. After a check from the finance office, they got the green light and everything was finished.
Now just this week, my wife and I have decided that we want to look into purchasing a new home. My wife calls our mortgage broker to talk about our finances and she was asked about a $40000 loan that's affecting our owe/own ratio. My wife told the broker that she was only a co-signer on it and the broker said that it looked like there was more to it. After sister-in-law does some digging, she discovers that the only part of this loan that has to do with her his the payment comes out of her account. My wife is the principal loan holder, there is no co-signer on the loan and all the payments the sister-in-law is making is going towards my wife's credit.
On the upside, she hasn't missed a payment yet so my wife's credit is great. Her sister has been paying for her car for 4 years and her credit is still in the tank. Now we can't buy a house at the moment and I don't know if it's because the dealership fudged the paperwork to make the sale, ( A buddy worked for said dealership and told me they were crooked as fuck.) Or my wife, her sister and her husband all happened to miss a giant chunk of information while signing papers. I wasn't there when it happened so I can't make any real assumptions.
Submitted January 29, 2017 at 01:07AM by seap http://ift.tt/2jrlsfb
