Dear Diary:
My week ended with some crazy news! I received a call from my professional, friendly and stunning Bank of America Mortgage Aficionado Leah Avery. At the time of the call, Leah was about an hour removed from speaking with one of my potential buyer clients.
When I answered the phone and heard the tone of Leah's voice, I said to myself........OH NO!
'David. I have some bad news. Your client co-signed on a mortgage for one of your potential buyer's children. The child has had some problems with paying the mortgage as scheduled. The late payments have made your potential buyer's credit score dip below FHA qualification standards.'
Because of my seasoning as a real estate agent, I was disappointed but not surprised. Hence, I had some questions about this co-signing dilemma. The first one was...............
How common is this co-signing problem? It did not take me long to find this online Washington Post Q&A blurb on this topic (consider this blurb as Part One of my post). After reading the blurb, I wondered........
How many of my Active Rain Family Members have experienced this challenge? Did they have or find a solution to the issue?
Diary.......If I could warn the world about the potential risks of co-signing, maybe....just maybe...I could help one soul or couple protect their future chances of purchasing their dream or retirement home.
Thanks Diary (and those of you that are reading this entry in my diary ;-) for listening!
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