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Answered 2006-09-15 00:51:09

As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)

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If we have bad credit will a cosigner help us get a mortgage?

Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.

How can someone be released from cosigning a mortgage loan without ruining their credit?

The only way to be removed from the obligation of cosigner is for the loan to be refinanced.

As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?


Does a cosigner have to have a job?

No, a cosigner can be retired, or just in good standing with the federal credit bureau. They do not necessarily have to have a job. But the deal with a cosigner is that if the individual they are cosigning for does not pay the bill, the cosigner is responsible for the payment.

Will you need a higher down payment to get a mortgage with bad credit?

Yes, a higher down payment is typically needed to get a mortgage with bad credit. A down payment of 25% or more will help to get a lower interest rate.

What mortgage lender can a person use for bad credit?

There are a few mortgage companies that one can use even if one has bad credit. The downfall of this is that you will need to have a cosigner, and will likely have a higher interest rate.

How can I find a mortgage if I have bad credit?

Start by looking at your credit report. If you hit a rough spot such as a divorce, you can try explaining it to the lender. Making a higher down payment or getting a cosigner may help. One can expect to pay a higher interest rate.

Can you get another loan without a cosigner?

Yes, if you have a good credit score.

If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?

Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.

How many points does your credit score go down if you miss a mortgage payment?

A recent late payment can drop your credit score about 60 points.

What are the disadvantages of cosigning on a mortgage?

If the primary borrower defaults the cosigner can get "stuck" with a huge debt and ruined credit. A cosigner has the same legal obligation to repay a loan as does the primary borrower. In addition, a cosigner does not have property owner rights, only the debt. The real question is why would anyone agree to pay a mortgage for land they do not own. A co-signer has an equal obligation to pay the mortgage.

If I own a home with a co signer and file a chapter 7 will their credit be affected?

If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.

Which states' lenders are supposed to notify the cosigner before reporting a late payment to credit bureaus?


What are the rights of borrowers when the cosigner is considering a lawsuit to force them to take a second mortgage so the cosigner can recover money paid because the mortgage was defaulted on?

The cosigner has the right to file a lawsuit against the primary borrower's to recover his or her financial losses due to the defaulted lending agreement. The procurement of a second mortgage does not seem viable if the primary borrower's credit was not originally sufficient for them to obtain the loan without the need of a cosigner. It is more likely the house will have to be forfeited by means of foreclosure and the cosigner will have to try to recover losses by other means. The primary borrower's best choice is to obtain legal advice as to what their options are before a lawsuit is filed against them.

If a mortgage payment is 20 days late will that be reported to the credit bureaus?

Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.

How do you pay your mortgage with a credit card?

No mortgage company directly accepts credit card payment, only debit cards. Historically, you could only use your cash advance checks to pay your monthly mortgage bill with a credit card. However, just launched this year, two companies are allowing direct payment.

Can a 19-year-old without credit who is not a student sign a lease without a cosigner?


When renewing mortgage can you drop your cosigner?

That is up to the lender. Your credit rating may have improved if you have been making all your payments in time.

Can I apply for a car loan with a credit score of 593?

This is a very poor credit score. You can apply but it is unlikely you will get a loan without a cosigner. If you are able to get a loan without a cosigner your interest rate will be very high as compare to someone with a good credit score of over 700.

How can I get a student loan without a cosigner?

Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no cosigner student loans. You can find a detailed procedure through link that is in "Related Links"

How much is mortgage average payment per month?

Your average mortgage rate and payment depend on many factors including where you are looking to purchase your house, personal income, and your credit score. Many mortgage companies offer online mortgage calculators that can be useful in determining what your monthly home loan payment will be.

How long does a company have to inform a cosigner that the borrower is in default in payment?

It is their legal right to never inform you and simply allow your credit deteriorate. It is your job as the cosigner to make sure the contract is up-to-date.

What does a mortgage payment cost?

A mortgage payment depends on several main things: -How much your house is worth -How much you put down for your house -Your credit approval -The type of mortgage plan you chose, usually 15 or 30 years

Can you be listed on the title for a home but not on the mortgage and still see improved credit scores if you are making all the payments?

In theory, anyone can be listed on the title to a home. That is a totally separate issue from the lender reporting the payment history to the credit bureaus. I am a mortgage broker and based on your question, I have no idea how your credit score vould be improved WITHOUT you being on the loan. Why are you not on the mortgage but on the title? That gives you a lot of power over that home without any liability.

If you are added to mortgage but not title can other person sell?

You should not be "added to the mortgage" if you're not an owner of the property. By signing a mortgage you agree to be liable for payment of the underlying debt for property that you don't own. If the mortgage goes into default the bank will go after you for payment and your credit will be ruined.