My question involves a mortgage in the state of: Illinois
In May of 2001, my mom purchased a house and I, along with my brother and uncle cosigned. I was 17 and have no idea why or how I was a cosigner. Two years later, she refinanced and removed all of the cosigners from the mortgage. Skip to 2014 and she is foreclosing on this house. Needless to say, I am being named as a defendant on this case and I'm guessing that it is because I may still be on title. My mom hired an attorney to help her with the foreclosure but he is not helping with anything else. I have some major concerns as to what this will do to my credit and as to why I am being involved since my name has been off of the mortgage for over 10 years. In addition, I thought that a minor could not get or cosign for a loan without a parents permission. How did I cosign without that? They can't use my mom as the parent permission, can they? I would think that it would have to be a parent that is not buying said property or one that stands to benefit directly from the purchase of said property. I also have concerns on how this will impact me if I try to get a mortgage or any other type of loan in the future.
With all that being said, what should I do? A foreclosure attorney is not going to help me past what my mom's attorney is doing so what kind of attorney should I hire? Somebody told me that I could sue both the original mortgage company and Freddie Mae for negligence since I was given a loan as a minor but I am leaning towards that person being full of it. Can somebody recommend my next course of action and what type of help I should seek? Thank you so much for taking the time to read this and sorry if this is not posted in the correct forum.
In May of 2001, my mom purchased a house and I, along with my brother and uncle cosigned. I was 17 and have no idea why or how I was a cosigner. Two years later, she refinanced and removed all of the cosigners from the mortgage. Skip to 2014 and she is foreclosing on this house. Needless to say, I am being named as a defendant on this case and I'm guessing that it is because I may still be on title. My mom hired an attorney to help her with the foreclosure but he is not helping with anything else. I have some major concerns as to what this will do to my credit and as to why I am being involved since my name has been off of the mortgage for over 10 years. In addition, I thought that a minor could not get or cosign for a loan without a parents permission. How did I cosign without that? They can't use my mom as the parent permission, can they? I would think that it would have to be a parent that is not buying said property or one that stands to benefit directly from the purchase of said property. I also have concerns on how this will impact me if I try to get a mortgage or any other type of loan in the future.
With all that being said, what should I do? A foreclosure attorney is not going to help me past what my mom's attorney is doing so what kind of attorney should I hire? Somebody told me that I could sue both the original mortgage company and Freddie Mae for negligence since I was given a loan as a minor but I am leaning towards that person being full of it. Can somebody recommend my next course of action and what type of help I should seek? Thank you so much for taking the time to read this and sorry if this is not posted in the correct forum.
Foreclosure: At 17, I Cosigned a Mortgage for My Mom, She is Foreclosing. What Should I Do
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