Moving in Kalamazoo>Question Details

Afred Mendoza, Home Buyer in San Jose, CA

M husband took a loan out to help my daughter buy a car, we tried to get a loan an were denied, it is because my daughter is always late

Asked by Afred Mendoza, San Jose, CA Wed Jun 5, 2013

with the payments,the loan is through my husbands credit union, we tried to ask for a loan in order to get a home, but because of this we were denied,he has taken out loans an payed them all back on time, it is this one loan that my daughter is messing up, what can we do?

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Hi Afred - The best advice is to go find a mortgage broker to coach you along the path - one you like and who connects with your personalities and you are confident in. Get a reference from some friends if you do not already have one. You could pay off the loan and then have your daughter repay you. You could look to a regional/local lender who loans on balance sheet versus credit scores....again, the best coaching will come from a local and trusted mortgage broker. Hope this helps. Cheers.
1 vote Thank Flag Link Wed Jun 5, 2013
As the others say, get the loan paid off. Your daughter can do it, or you and your husband can do it. But get her off the loan immediately. Then work on rebuilding your credit.

Hope that helps.
0 votes Thank Flag Link Wed Jun 5, 2013
Don Tepper, Real Estate Pro in Burke, VA
WOW. That was all one sentence?
Get your daughter to refinance the car in her own name. Tell her to stop damaging your credit!
0 votes Thank Flag Link Wed Jun 5, 2013
Because of the foreclosure crisis of the last several years, lenders have gotten much more strict upon approving home loans. And the kiss of death is a car payment that is repeatedly late. This is hurting your credit. You could see if your daughter can get a loan on her own to pay this one off. Or you could pay the loan and have your daughter make the payments directly to you. Until this issue is resolved, you will have credit problems.

Kathy Persha, Associate Broker
Keller WIlliams Realty
0 votes Thank Flag Link Wed Jun 5, 2013
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