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Heck no you are dreaming minimum credit score is mid 600's that is MINIMUM my score is 550 and even w/ a co-signer who has a score close to mine IS NOT POSSIBLE. On the other hand if the co-signer has a score of 630+ and has good income 50k+ sure you can get a loan it all depends on co-signer really not you, if both of you have bad scores forget out about ESPECIALLY IN TODAY'S MARKET. Call a debt consolidation company and fix your credit I know a specialist who helps people rebuild their credit. For example this couple had collection accounts and score of 500 and 9 mo later not only they had a good score, they bought their first home and closed by 9th month. Hope this was helpful
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How do you remove the co signer on the mortgage?
The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.The mortgage must be paid off and refinanced without the co-signer.
What happens when a co-signer on mortgage dies would the estate for the co-signer have to pay off the mortgage?
if your on the title be prepared to take over the payments.
Can a cosigner have their name taken off current mortgage to cosign another?
No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.
Does a cosigner on a mtg loan have to be listed on the deed?
A co-signer to a mortgage accepts full responsibility for the payment of the mortgage. Although it is not required for mortgage purposes that the co-signer have an interest in the property, that concept triggers another question.Why would a person who does not own real property accept the responsibility for paying for it? The bank wants a co-signer so that if the primary borrower defaults it can go after the co-signer for payment of the debt.If after being fully informed of your obligations, risks and possible consequences of co-signing you decide to co-sign a mortgage you should make certain your name is added to the title.
What happens if the partner on the mortgage loan moves out nd stops paying?
The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.
Can a spouse get a mortgage and have a co signer?
Yes. Banks require a co-signer to guarantee the loan will be paid. A co-signer is in the bank's interest. If the primary borrower doesn't pay the co-signer will be held responsible since they have guaranteed the loan repayment.
Can a spouse get a mortgage and have a co-signer?
Yes. Banks require a co-signer to guarantee the loan will be paid. A co-signer is in the bank's interest. If the primary borrower doesn't pay the co-signer will be held responsible since they have guaranteed the loan repayment.
Is it normal to refinance to remove a co signer?
Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.
When the purchaser dies does a co-signer who has been living in the house and making all the payments have any rights to it?
Yes Answer: What do you mean by co-signer? Was the co-signer a (A) grantee in the deed or was the co-signer a (B) volunteer who helped to pay the mortgage in lieu of rent?
Does wife's co signing a mortbage make her a joint owner?
No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.
Does a surety bond require a co signer?
No. A surety bond does not require one have a co-signer although depending on the purchasers credit score and financial background a co-signer could be necessary.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
