So I’ll try to keep the background a short as I can. The best way to explain my situation is to start with the beginning. When I bought my home I was married. Was being the key word. I was young and naïve, I probably over bought at the time, but we had three young children I was trying to build a life for. I didn’t quite have the credit because I was rushed into the home buying process before I was 100% ready and was convinced to accept a co-signer, non occupant, in order to make the move on a home. Fast forwarding, I got sick. I ended up losing my job and divorce followed shortly there after. Originally I filed for bankruptcy, chapter 11. It froze everything and I went onto a payment plan. The problem was, COVID hit. And jobs were tough, even with the experience and training I have. I knew once I got back to work I’d stay working and making my payments wouldn’t be a problem. The mortgage company offered my a forbearance until I got on my feet. And I stupidly took it. Now the forbearance is over, I’m fully employed at a great job. Only problem is at the end of my forbearance my mortgage company is modifying the mortgage to bring it current. This modification requires two signatures since I had a co-signer, and the co-signer is refusing to sign the modification. Trying to make me lose the home. The mortgage says there was nothing else they could do. I can’t afford to make a higher payment and stay on time. So I guess with the back story, since I have a co-signer, (ex-wife family) that is preventing me from doing anything to stay on my feet. My family is considering taking out a mortgage to essentially “buy” the house so I don’t lose it to essentially let me rebuild and refinance or buy it back in a few years with out the co signer on the loan. Is this even possible? She is on the deed and the mortgage, however I’d not had contact with her in years she’s played no part in the home. And the payoff on the house is probably right around what the house is worth. If I didn’t have custody of my kids I’d let it go. But it’s their home. So I’m hoping theres someone out there that understand what I’m saying and maybe could throw a few ideas my way.
Submitted August 07, 2021 at 12:34AM by slacker2588 https://ift.tt/3yvQNEK
