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If you are married can you apply for a first time home buyers loan if your spouse owns home?
Yes, if you are not on the current loan and will be the primary borrower on the new loan you may qualify as a first time home buyer.
What are the rights of a co-borrower on a home loan?
A borrower and co-borrower on a loan share benefit and liability equally. The only practical difference between the two is that loans are generally priced (interest rate or fees) based on the primary borrowers qualifications (these qualifications may actually determine who is primary and who is secondary). While the primary borrower's name is first on documents for the loan, the co-borrower is equally liable and has the same rights. While your rights as co-borrower may not be less than the borrower, people often overestimate the rights of either party. For example, many divorcing spouses assume they have the right to call the lender and remove themselves from the loan, which is not the case. If you separate and there is no court order to refinance the loan and you never refinance it out of your name and the primary stops making payments, the lender has every right to collect from you and report the late payments on your credit.
What happens to a home mortgage if the co-signer does not file bankruptcy but has credit problems?
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
How do you qualify for a reverse mortgage?
To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.
Does co-buyer mean the same as co-signer or is it just to show how much income is in the home?
No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.
Does banker have right to search your credit when not a coborrower on spouses refi of 85k rental home I have a 7 year old discharged bankruptcy but a 729 score and not working and he 855 with 95k year?
sounds like he is the borrower. You can not be a borrower without income. You can be on the titlewithout income you should not be on the loan. The bank has to check just his credit with just his income . thanks John d the mortgage man
If you are married can you apply for a first time home buyers loan if your spouse owns home?
Yes, if you are not on the current loan and will be the primary borrower on the new loan you may qualify as a first time home buyer.
What are the rights of a co-borrower on a home loan?
A borrower and co-borrower on a loan share benefit and liability equally. The only practical difference between the two is that loans are generally priced (interest rate or fees) based on the primary borrowers qualifications (these qualifications may actually determine who is primary and who is secondary). While the primary borrower's name is first on documents for the loan, the co-borrower is equally liable and has the same rights. While your rights as co-borrower may not be less than the borrower, people often overestimate the rights of either party. For example, many divorcing spouses assume they have the right to call the lender and remove themselves from the loan, which is not the case. If you separate and there is no court order to refinance the loan and you never refinance it out of your name and the primary stops making payments, the lender has every right to collect from you and report the late payments on your credit.
What happens to a home mortgage if the co-signer does not file bankruptcy but has credit problems?
It will have no affect on the mortgage as long as the lending terms are met by the primary borrower.
How do you qualify for a reverse mortgage?
To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.
Can a co borrower on a home file bankruptcy?
Sure. And yes, it will involve the property and credit of the other co-borrower.
Does co-buyer mean the same as co-signer or is it just to show how much income is in the home?
No. A co-buyer owns part of the property, how much a portion depends on how the title is worded. A cosigner is pledging equal responsibiliy for the debt if the primary borrower defaults on the loan. Even if the primary borrower declares bankruptcy the cosigner might still be responsible for a portion or all of the debt.
Can a co-signer be relieved of responsibility on a home loan after a period of time?
No. A cosigner promises that the will be obligated for the debt incurred if the primary borrower defaults. The only way to be removed is by having the loan refinanced.
Can a borrower refinance a mortgage for a non-primary residence?
Yes you can refinance a non owner occupied property. The rates are higher than a primary home as the bank view it as more of a risk and there are separate guidelines for the bank. Best bet is to contact a representative to better assist you with a quote to confirm it would be a benefit. Veronica Rodrigues Voyage Home Loans
Can an Executor of a will collect money from the sale of the deceased's home in South Carolina?
Yes, that is one of the primary functions of the executor, to liquidate indivisible assets so that the proceeds from the estate can be distributed to the heirs.
Are home equity loans secured by borrowers assets?
Yes, given that the "borrower's assets" in this case are the equity the borrower has built up in their home. In a home equity loan, you are borrowing your own money, in effect. And if you don't pay it back to yourself, it comes out of the value of your home when you sell it.
What happens when a borrower doesn't pay back an FHA loan?
If the borrower gets too far behind, the home will be foreclosed on. There are a lot of variables and considerations for this type of situation. 1. There can be significant financial expenses to the borrower. 2. The Borrowers credit will be hit hard. 3. The borrower may never be able to get another government loan and may no longer qualify for other government programs. Encourage the borrower to sell the home before the foreclosure happens.
