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Concerned Pa…, Other/Just Looking in California

How does a short sale on our home loan affect obtaining a student loan? My daughter is on the home loan.

Asked by Concerned Parent, California Wed May 6, 2009

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Keith Sorem’s answer
When the short sale is negotiated you should make sure that she is excluded and not harmed. Who is conducting this short sale?

You need a WRITTEN agreement as to how the parties are hit with the results.
Everything is negotiable.
0 votes Thank Flag Link Thu May 7, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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It will affect her just as it does you. I have a client that completed a short sale in January. It took his score down about 100 pts, but as of that time, the mortgage was showing open - once it is reflected as closed, hopefully that will be a little better. In any case, he was ineligible to co-sign on his son's student loans, which really left him in a bind. We figured out a plan, but it was not easy.

A foreclosure on your daughters credit will be worse.

This is terrible. As a mom, I can't fathom having my child on the hook for my debts - it is usually the other way around. How could this come to be? I am not trying to make you feel guilty, but I just don't get it. I can not imagine facing an issue where my daughter would have to pay for my financial sins.

I wish the very best for you and especially your daughter.
0 votes Thank Flag Link Wed May 6, 2009
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