Big Mess!!

What is the name of your state? Georgia

When I was 18 years old, I, mistakenly, signed for my uncle to get a mobile home. Well 2 years later when I recieved my credit report it showed a $25,000.00 repossesion on it!! I was furious, first of all because my uncle didn't even have the nerve to tell me about it and secondly because I never recieved one notice, not one about the mobile home. Nothing telling me that a payment was late, nothing stating any type of repossesion or anything. I guess my question is... will I be able to get this off of my credit. I never lived in that mobile home and never recieved any type of document, not even the mortgage bill or anything.!!!

PLEASE HELP!!

[Ladynred]

Unfortunately as a co-signer you are on the hook for the deficiency if your uncle doesn't pay it and the entry can legally stay on your credit report. Not much hope of getting it off too soon either.

Thank you for your advice. Would you happen to know if he files for bankruptcy will it then come off or will I have to file bankruptcy as well... I COULD KICK MYSELF FOR SIGNING FOR HIM!

[Ladynred]

Well, most of us want to help family if we can, so don't kick yourself too hard. Having learned what I've learned on these boards over the past year, I will NEVER co-sign for anyone, not even a family member. Sounds harsh, but its simply too risky.

Anyway, if he files for bankruptcy, the entire debt will be on your plate, as they will definitely go after the co-signer in that situation. If you can't handle it, then bankruptcy for you would be an option you may be forced to consider. If he files for bankruptcy, then that account will show on YOUR credit report as 'included in bankruptcy', even if YOU don't file. This type of reporting may change in view of the latest class action suit against the credit bureaus, but for now its what will likely happen. Sadly, it will cost you almost as much in credit headaches as filing for BK yourself.

I guess it doesn't matter that I am the signer and not the co-signer. Could I sue him??

[djohnson]

When they repo'd this trailer did they sell it? Are they charging you with the balance? What is the amount they say you still owe? As the signer they sent the notices where you told them to, to your uncle. You can sue him on what ever verbal agreement you may have had but if he files bankruptcy keep in mind he can claim you in it also.

So in essence if I sue him and he files bankruptcy I will get nothing? But, will it come off of my credit? Should I get a lawyer, or would it be a waste of time and money?

[djohnson]

If you sue him and win and he files bankruptcy. The amount you get depends on what chapter he files and what his personal situation is. You will likely get nothing or pennies on the dollar. It will not remove it from your credit nor take the responsibility of payment away from you. You signed with them and you are who they are going to go after reguardless of what happens to Uncle. Sorry but this just may be a vry expensive lesson.