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How to Remove Your Name from a Cosigned Loan

Posted by Moe Bedard on July 17, 2009 · 2 Comments 

Before attempting to answer the query on how to remove you name from a co-signed loan, let us first examine what the act of co-signing a loan means. A relative or friend may come to you and ask you to co-sign a loan for him or her and it may appear that it is just a simple matter of signing your name on the dotted line.

The borrower may even assure you that the loan will be promptly paid. What you must realize is that a co-signer is needed because the credit score or history of the borrower is not sufficient to convince the lender. 
If you co-sign a loan, the effect is that you are serving as a guarantor that the loan will be paid and in case the borrower defaults, the lender would be able to come after you for the missed payments. This means that from the point of view of the lender and the law, you are liable for the debt as much as the actual borrower. Read more

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How to Get Out of a Mortgage in a Divorce

Posted by Moe Bedard on July 13, 2009 · Leave a Comment 

Divorce sucks! I know because I went through one in 2002 and it was one of the most stressful times of my life. I lost my wife, home, money, kids and my family life in one fell swoop of the judges gavel.

I didn’t loose everything because I was a bad husband and father.  I got the short end of the stick because I didn’t use my head and acted on emotions, instead of intelligence.

Please don’t repeat my emotional and immature mistakes. Believe when I say this because I am still recovering from my mistakes 7 years later…..
There are not many options when it comes to deciding who gets what and how you can legally divide your property and debts. Making things even more difficult will be an uncooperative spouse. If that is the case, then good luck getting anything done or signed. Read more

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Buy a New Home and Walk Away from Your Mortgage

Posted by Moe Bedard on July 13, 2009 · Leave a Comment 

Buying a new home and walking away from the mortgage is an option that is often considered by homeowners with an upside down mortgage, which is the result of the real estate bubble that has burst. This means that the homeowner bought the house when selling prices were high and took out a mortgage loan for it.

Now that the prices of homes have declined drastically, these homeowners now have a mortgage loan that is much higher than the value of their homes.
Thus, it is no longer encouraging to be paying a loan for an amount that is much higher than the property’s current price. With home prices dropping to very low levels, buying a new home would be a more attractive Read more

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