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Do you have any recourse if you cosigned for a home loand and now need to get your own loan but have incurred the owner's debt in full?
Wiki User
∙ 17y ago
The Best thing to do in this situation is to have the Primary owner Refinance the loan without you as a co-signer. This will effectively end your responsibility on the note. I just don't understand why people cosign for anything. A cosigner is a "lender" in a way. These are reasons why people may cosign: The person is a minor The person has no collateral The person has not formed a good credit rating or a bad one You are 100% responsible for this loan. Take the person off your contract at the banking institution you went too and this will include legal fees so be sure you ask about that. Hopefully you have continued to make all full payments due on this loan. If you have, you may be in luck! Sit down at the banking institution and go over your loan. They will take into consideration what collateral you have (which is the house itself) and also what you earn in a month. If you can afford it you are in luck! You should be able to take out a personal loan (say for improvements on the home, a car, a trip, etc.) If you can't afford to do the above, then you have no alternative, but to sell the house, but you need to go through a lawyer for this one. Good luck Marcy
Wiki User
∙ 17y ago
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napkin
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Where can you get an equity loan?
Equity loand are available at the majority of banks and home lenders. Your best bet is to visit your current mortgage lender as they will likely have the best rates.
Where can you find a secured loan in Montreal?
One great source of a secured loan in Montreal is the Bank of Montreal. They have different types of loand avaialble to fit nearly any situation, whether it be an auto loan, boat loan, or home loan.
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What are the differences between the Patelco credit union and more traditional loan providers?
Unlike banks, the Patelco credit union is run as a not-for-profit venture. This enables them to offer lower interest rates on loand and increase the interest they pay on savings. Credit Unions are also owned by their members whereas the larger banks tend to be owned by their shareholders.
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