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Credit rating troubles

Mikel

Well-known member
Joined
May 20, 2020
Member Number
727
Messages
434
Loc
Conn
Friend's mother has just passed away. He was the co-signer in her home mortgage (which he has been paying since her passing, the mortgage is current) and he just found out that his mother had been late in several payments last year (5-6 payments, some 30 days, some 60 days, but she did pay them before her passing. Never said anything) and his credit rating has dropped from 8XX to mid 600s.

Does my friend have any recourse to protect his credit rating? Thanks.
 
Is it not the duty of the cosigner to ensure debt payments are made on time?

Is that not the whole point of a cosigner, to assure security in the debt?

I've only had one cosigner, one time; in my life. So I don't really understand why people risk their word for another personally when some nameless scum of a bank won't. Better to take the security yourself and have them pay you so you know the status of the debt.
 
grumpy356 said:
1st step is to protest the filings.

If he can't or hasn't done that, he's not looking for help. He's looking for attention.
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He says he hasn't done it because they are correct. Those payments were late.

Should he do it?
 
Call the bank, explain the situation, and see if they're willing to help. Being that the payments are current, they very well might.

My first wife quit paying the mortgage to finance her exit plan. After she left I found out the mortgage was 5 months behind. I called them, explained what happened, and made arrangements to make up the arrears with extra payments. Once it was caught back up, they deleted the negative remarks on my payment history. Wells Fargo.
 
Bacchus said:
Call the bank, explain the situation, and see if they're willing to help. Being that the payments are current, they very well might.

My first wife quit paying the mortgage to finance her exit plan. After she left I found out the mortgage was 5 months behind. I called them, explained what happened, and made arrangements to make up the arrears with extra payments. Once it was caught back up, they deleted the negative remarks on my payment history. Wells Fargo.
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Its odd that people think lenders only want to fuck the lendee at all times. They want people with decent enough credit to keep their influx of cash coming. :laughing:


Had a collections company do that for me after the ex left. Casually mentioned that the ex wife had moved months ago. She asked the approximate date and made a note that anything else that came across their office went to the ex and not me from that point on. I paid her debts and my credit report was wiped, I barely had to ask.
 
The minute something goes to collections it is like 120 points off of your score. Probably what happened...multiple times.
 
Bacchus said:
Call the bank, explain the situation, and see if they're willing to help. Being that the payments are current, they very well might.

My first wife quit paying the mortgage to finance her exit plan. After she left I found out the mortgage was 5 months behind. I called them, explained what happened, and made arrangements to make up the arrears with extra payments. Once it was caught back up, they deleted the negative remarks on my payment history. Wells Fargo.
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Man that sucks. I think that type of betrayal would hurt more than a lot of other ways. I defiant had to check user name as I said wait…. And immediately thought VV
rockota said:
There’s an f450 joke in here somewhere
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I thought it was coming in Bacchus comment and we’d find out he’s got an alias and an alternative ending to that thread
 
Too many people co-sign thinking it just vouches for the other person and dont make the connection that they are just as liable for the debt as the person they are co-signing for.

I co-signed for my daughter when she was in a bad spot and was very relieved when that contract ended.

If you arent ready to take over the loan at a moments notice, or are fine with a huge smack to your credit rating due to other's mismanagement, then by all means get to co-signing. If you cannot accept either of those, think real long and hard before signing onto someone else's debt.
 
A few late payments aren't the end if the world.
 
Protest it but he cosigned so he's equally liable.

My dad had to cosign on my house because I had no income on paper at the time. The plan was to refinance but we bought it in 2021 and we all know what happens to rates around then so it is what it is. I pay my fucking bills though. :laughing:
 
I would not think that a 30 day late mortgage payment would ding, 60 days- maybe depending on the lender and how often. I would thing there is more to the story than just a few late payments. But contest it- nothing to loose. Worst case it stays as it is, best case the review and reevaluate.
 
You can appeal it, but as long as that’s the only account on the credit report with issues, most lenders with actual humans in the credit approval process will also accept a letter of explanation that the elderly mother forgot to pay a few times before her death on a co-signed loan and approve a loan request as well so shouldn’t be too detrimental. The score will rebound a little each month that passes as well and will be back to 700+ in no time.
 
DozerDan82 said:
I would not think that a 30 day late mortgage payment would ding, 60 days- maybe depending on the lender and how often. I would thing there is more to the story than just a few late payments. But contest it- nothing to loose. Worst case it stays as it is, best case the review and reevaluate.
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30 days late on the credit report means you missed the payment and then missed the next payment 30 days later too. If you pay the payment and late fee between 1 and 29 days after the payment due date, there is nothing reported/ no credit score consequence.
 
Call the mortgage company. Ask for a customer advocate. The regular person won’t help you. Explain your situation ask that they remove some or all of the deficiencies on your credit due to the missed payments. When I worked in the mortgage business we reported to the credit agencies if you were 30 days late. Technically we didn’t report until you were 34 days late. I had the ability to freeze the credit reporting on your account and or reverse previous reporting. You need to talk with the right person who has the ability and sympathy for your situation.

You can dispute with credit agencies but that may go nowhere. I would go the mortgage company route first and if you don’t get anywhere then dispute them with the credit agencies. Back offices of financial institutions are so screwed up I would bet that they may not respond to the dispute or just approve the dispute. Both of those are beneficial to you.
 
DozerDan82 said:
I would not think that a 30 day late mortgage payment would ding, 60 days- maybe depending on the lender and how often. I would thing there is more to the story than just a few late payments. But contest it- nothing to loose. Worst case it stays as it is, best case the review and reevaluate.
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Wife missed an increase in our mortgage payment. It went up like 90 bucks. She caught it on the next payment and paid the increase and the late 90 bucks. Mortgage company dinged us for 30 days late. dinged my score from 805 to 732.
 
clodhopper said:
Too many people co-sign thinking it just vouches for the other person and dont make the connection that they are just as liable for the debt as the person they are co-signing for.

I co-signed for my daughter when she was in a bad spot and was very relieved when that contract ended.

If you arent ready to take over the loan at a moments notice, or are fine with a huge smack to your credit rating due to other's mismanagement, then by all means get to co-signing. If you cannot accept either of those, think real long and hard before signing onto someone else's debt.
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I had a customer and his mom in here recently. she was co-signor. there is a doc that she has to sign acknowledging she is liable if he defaults. I wrote on it "read this" and handed it to her. she read it, said ok and signed it. one person knows. :laughing:
 
USMC Gunny said:
Wife missed an increase in our mortgage payment. It went up like 90 bucks. She caught it on the next payment and paid the increase and the late 90 bucks. Mortgage company dinged us for 30 days late. dinged my score from 805 to 732.
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throwback to a recent thread - that would never happen here in Canuckistan. when mort pmt goes up (because of prop taxes, increase in rate, etc) you get a notification from the lender "hey your payment is going up $90 bucks. We'll be taking the new amount out of your bank account starting with your next pmt. thanks for banking with us"
 
Fuzzydog said:
throwback to a recent thread - that would never happen here in Canuckistan. when mort pmt goes up (because of prop taxes, increase in rate, etc) you get a notification from the lender "hey your payment is going up $90 bucks. We'll be taking the new amount out of your bank account starting with your next pmt. thanks for banking with us"
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Considering how many of your coins have ended up here in Michigan, it's no wonder they want you all digital.
 
Fuzzydog said:
throwback to a recent thread - that would never happen here in Canuckistan. when mort pmt goes up (because of prop taxes, increase in rate, etc) you get a notification from the lender "hey your payment is going up $90 bucks. We'll be taking the new amount out of your bank account starting with your next pmt. thanks for banking with us"
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I've always gotten a letter when my payment changes. Around middle of February they let me know what, if any changes to the payment are coming and what the reason is. Have the choice to make one large payment for that and keep the current monthly. Or, not pay and spread it out over the next 12 months.

I can see how it's possible to miss it and just forget about it when you make the next one.


Edit: This is in Michigan.
 
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