My brother used my good credit score to refinance our old house? the loans has been in default couple of times

Sabrina
Hi, everyone! I know the majority will probably tell me that I'm totally Screwed but perhaps someone can help me out here and give me some option. Anyway, here goes... My brother used my credit to refinance our old house for quick cash $$$. I owe my brother so I decided to let him use my good credit score which was 750 at that time. Now it is 520. I'm not really that concern much about my credit right now since that is not really the main problem but I'm thinking I'm going to notify the credit bureau soon that my credit was used by my brother. Now back to my question... Well, I found out that my brother didn't just refinance the house but actually also transferred the deed to his friend. So basically the deed of the house is not ours anymore but the 2 home loans are still in my name. Yes, I know I'm really ****ed right now... Now I've been told that my brother's friend will transfer the loan to his name but that was like last year?... and yes he's been late w/ the payments.. Thx!

Ardelle
nothing you can do short of whupping your brother. was the house in his name? did he have the right to sign it over? if not, you may have a recourse. If you can get friend to sign back over, do so, but dont count on it. and are taxes and insurance being paid? if not, could be penalties for that too. HEY< YOUR BEST ADVICE is to take a little money and go see an attorney. You can get many answers here, lots are misleading. An attorney will talk to you for free, and tell you what his cost will be if you want to hire him to help you. THAT is what you should do. PERIOD>...…

Abe
You said you LET your brother use your score. Translation: YOU took out a loan and GAVE him the money. You PERSONALLY owe the money and can't get out of it short of bankruptcy. Suing your brother is you only option to TRY to recover anything. Report Abuse

Laverna
You can't transfer a loan into someone else's name. Your friend would have to finance his own loan to pay off yours...and I'm assuming his credit is shot. The deeds should not have been recorded unless the liens (mortgages) were satisfied-- generally you can't do this. Call up a title company and ask them how that happened. You can ADD someone to title but you cant generally transfer title from one person to another. Your brother would have paid some hefty excise tax (2% of the home's value) at the very least, and I dont seem him coughing up that dough...so are you absolutely certain he really transfered the property? Seems unlikely. While you call the title company, clami you're thinking about selling your property and that you'd like to get a title report an dpossibly use them for the transaction. Manyt imes you can get the title reports for free this way. If he used your credit without you being in on it (you didnt' sign anything) he commited fraud and you can sue and possibly get it straightened out. But typically when you get loans everything is notorized...so how'd he pull that one off? If you signed things, you can't notify credit bureaus of the issue since they're 100% correct in reporting this on your credit. If the deed is still in your name and the loan is as well, force a sale on the house and get back what you can and walk away from this mess.

Donna
If you want to lie, and put your brother in jail, that is one option. Since you allowed him to "use" your credit, you are at fault, not him. You may want to seek the advice of an attorney as this situation will continue to haunt you for many years to come if you are unable to get it straightened out.

Mercedes
That is identity theft. Report it to the police. They will help you straighten it out. Send the bum to jail.

Duane
Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at http://www.acreditlibrary.com/buildcredi…