My husband and I went to purchase a mobile home in 1999 but his credit wasn't good enough so my brother was going to cosign for me.somehow he was put as buyer and I am cobuyer.we bought the home for like 30,000 and have been paying on it ever since. Noe the mortgage is up to 40,000.Now I don't mind fixing it up to sell but my problem is we will never get that much out of it.I am now unemployed with my husband making payments so I can't get refinanced and not sure if the home is even worth it.we have it set up on propery that is not ours. It is a lot but not trailor park.half acre.I just want toleave it and move but don't want to ruin my brothers credit.I feel like I am stuck but I know there is a way to get out of here.We are financed through greentree and they are the worst.I got behind several years ago and went to court and signed paperwork that I wouldn't get behind again or they would put a judgement against me. Since then I have fought tooth and nail to not get behing. There should be a law against that.anyway if anyone can help me please with any info would be much appreciated thanks.

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Originally Posted by meohmywataday

My husband and i went to purchase a mobile home in 1999 but his credit wasnt good enough so my brother was going to cosign for me.somehow he was put as buyer and i am cobuyer.we bought the home for like 30,000 and have been paying on it ever since. noe the mortage is up to 40,000.Now i dont mind fixing it up to sell but my problem is we will never get that much out of it.I am now unemployed with my husband making payments so i can't get refinanced and not sure if the home is even worth it.we have it set up on propery that is not ours. it is a lot but not trailor park.half acre.I just want toleave it and move but dont want to ruin my brothers credit.I feel like i am stuck but i know there is a way to get out of here.We are financed through greentree and they are the worst.I got behind several years ago and went to court and signed paperwork that i wouldnt get behind again or they would put a judgement against me. since then i have fought tooth and nail to not get behing. there should be a law against that.anyway if anyone can help me please with any info would be much appreciated thanks.

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The only way to get out of this without harming your brother's credit rating is to pay as required and that might involve selling and owing a balance.

I don't understand the part about "there should be a law against that." Greentree could have taken a judgment against you at that time (or at least that's how I read this). Instead, they did not take the judgment based on your promise that you would stay current. Not the least bit unusual.

If the principal balance of the mortgage is now higher than the original purchase price, then you have been very behnd in your payments so that late charges and interest have been added to the principal.

As Judy said, if your brother is listed as borrower then his credit will be ruined if you default.

Thanks for the information.I did get behind on payments when I went out of work that is why the amount is so high now.They said it is a simple interest loan and if payments are not made on same date each month then it will tack on interest.I am not fortunate enough to make those payments like that sometimes they are late and I am paying dearly for that.I was told there is NO grace period at all with a simple interest loan.I also had several deferments back then too. I have been current for several years now and in no threat of foreclosure or anything like that.I just really want to move. We have no space and the land isn't even ours.I have gotten my act together now as far as payments but still want a house with yard for my dogs .When I said there should be a law against it I was blowing off steam. We have been threatened by these people and there definitely is no love loss there.They told my 10 year old son at the time that they were coming to get the home and he should pack .I was very upset over that one. I don't mind dealing with them I just don't think it is right for them to do some of the things they do.I have been cussed and harassed by these people.I know they are just trying to get there money but to threaten a child. I just don't get it.My son was so scared he wouldn't sleep for days.I was even told once that I shouldn't buy food for my kids and just make a payment.Now that is extreme.Anyway Thanks again for listening and giving me feedback. If there is anything else that you might be able to help me with I do appreciate your time.Thanks again!

There are laws about what debt collectors can and can't do. But proving they violated the law isn't easy.

Unfortunately there is nothing you can do at this point as you are in a no win situation. You can continue living there if you want the yard for your dogs, but aside from that if it is costing too much to live there you'll have to figure out a way of getting out from under this. Your brother's credit is going to be ruined if you just walk away. Have you spoken to him about this situation? Maybe you could get a refinance on the loan once everyone is back working again.

First you need to find exact terms of the contract, in regards the terms I am talking about the interest, the type of mortgage, and the time for the loan, the principal have to be always go down never up, the only reason to go up is if you have some penalties. For example if you mortgage was for 30,000 and your payment was for 300.00 the 300 will be split on different assignments,
160 for the interest
100 for the escrow (property taxes and insurances)
40 for the principal
According with the sample you will pay only 40 dollars to the principal, but there will be always a reduction to the principal at least a minimum, for that reason I will suggest to make additional payments to the principal in that way you can accelerate the payment on the principal, (you can request a schedule to your loan company)after you have all the information request for help, there are several association at this moment helping people with similar situations like yours.