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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33780
Experience:  15 years real estate, Realtor. Landlord 26 years
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My husband co-signed house and it went into foreclosure

Customer Question

My husband co-signed for a house and it went into foreclosure without us being notified. He lost his job over it and is having a problem finding a new job because foreclosure is on his credit report. How do we get it off
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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I am very sorry to hear that this happened to your husband. But if he was the co-signer, then the lender doesn't have a legal obligation to notify him if there was a default on the original loan. Basically a co-signer is just signing on saying "If the original borrower defaults, I will pay", but the loan is with the original borrower. So only the original borrower has to be notified of any default.

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The problem here is that the credit reporting agencies only have to remove inaccurate or incorrect information, not true but negative info. So if there was a foreclosure, and husband was a co-signer, then the report is accurate and he wouldn't have any recourse to have it removed so it will stay on his credit report for 7 years until it drops off.

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister