Where to turn for advice when a co-signer defaults on his house loan?
December 8, 2011 4:48 PM Subscribe
Where to send my wonderful neighbor who really, really needs help?
My neighbor is one of the kindest, most amazing people I have ever had the pleasure to know. He just came to ask me for advice about a financial problem that he is now facing. He co-signed for a mortgage loan for his son-in-law a few years ago, and just found out that his son-in-law lost his house. A collection agency just called my neighbor at work and is demanding payment of $90K. Where can I send him for help?
posted by jeanmari to Work & Money (27 answers total) 3 users marked this as a favorite
My neighbor, T., is a first generation Mexican immigrant (U.S. Citizen) who works incredibly hard. He is a widower who raised his four sons on his own, and the last one is now a senior at a local college. He just won a fight with colon cancer (and he worked most of the way through it) and recovered from a work accident which has left one of his corneas scarred.
Even though he has been through all of these horrible things, the man is always gentle, kind and never has a negative word to say about anything and anyone. I've come out on a winter morning, and he's shoveled my walk (he gets up around 4 am) or on a fall morning, he's raked my leaves. We compete trying to mow each other's lawns, or weed out dandelions for each other. He brings my daughter little gifts and teaches her Spanish, his new wife cooks us food and brings it to our door. Can you tell that I love this neighbor?
I'm just kind of reeling here. I have no idea who to send him to for advice. And that is all he is looking for, he made that perfectly clear. He just wants advice. He owns a house (and has his own mortgage) and I don't think that he ever imagined that his son-in-law would just blow this so badly. He was at work and received a call from the collection agency that the bank has turned the mortgage over to. They told him that he was now responsible for $90K.
He doesn't want to lose his house. Friends of his are telling him to file for bankruptcy, and he doesn't know what that would entail or how to do that. He is a very smart guy, but English is his second language and it isn't easy for him to understand more technical English jargon.
Where can I send him? To complicate matters, I am going out of the country tomorrow and won't be back or available until the end of the month. I really want to help him, I don't know what to do.