Our Mortgage is too high, Will i be eligible to co-sign with my mom to lower our mortgage with bad credit?

Lakele asked:


My dad is in process of filing Bankruptcy. He is filing by himself, and his lawyer says my mom won’t get affected. Our Mortgage is going to increase in two months. Since Obama has released this new system on lowering interest rates on mortgage payments will I be allowed to co-sign with my mom and remove my dads name with a credit score of bout 590 and an income of $2500/month? I also do have a bad debt ratio, but I do pay my bills on time. Our house is worth $630,000 and my mom makes about $3000 – $4000 a month. What do you guys think? Do you think they’ll lower our interest rates if my dad is in process of filing bankruptcy? Or take him off and have me take over instead? So if I do a joint, will be able to be approved? On a side note, my mom has really good credit.

Michelle
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One thought on “Our Mortgage is too high, Will i be eligible to co-sign with my mom to lower our mortgage with bad credit?”

  1. You say the house is worth $630,000 but you don’t say how much is owed on the current loan.Without that info and more there is no way to determine if your idea will work.

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