Does a mortgage cosigner have to be a relative?
No, you do not have to be related. you are signing a binding contract agreeing that both of you are responsible for the payments for that mortgage loan. You will both have to provide all the information- taxes, income, debts, assets, etc.
Just be careful who you are getting yourself stuck with for 30 years. :)
Does the cosigner on a mortgage need to be on the purchase and sale so the seller is aware of a cosigner?
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.
How can one remove a cosigner from an equity loan if the cosigner is not on the first mortgage title?
If an adult child is a cosigner on the mortgage to her parents' home can she be relieved of the debt responsibility when she marries?
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…
The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after the decedent's estate and the cosigner for payment of the mortgage. If the mortgage isn't paid the bank will take possession of the property by a foreclosure. The bank has a lien on a mortgaged property that is not affected by a transfer of the property. The bank will go after…
Can a mortgage company put a lien on my moms paid off home if she is a cosigner for my mortgage that is deliquent?
Does the cosigner need to appear on the pre approval letter and purchase and sale so the seller is aware of cosigner?
Not if a party has a proper power of attorney (POA) to represent the cosigner. The mortgage company will tell you what form of POA they want, and generally it is included with the paperwork, and the POA will have to be notarized. I know this from personal experience, I am a Notary Public and back in the early 2000s I was handling mortgage refinancing where the mortgage company pays me to go out to…
When applying for a mortgage, one has the option of adding a cosigner. One needs to consider the advantages as well as disadvantages before deciding on a cosigner. Additional income might improve the chances of getting approved for the loan, however, other factors, such as lower credit score might have the opposit effect.
It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.
yes, and if you and your cosigner get into a disagreement. you would have to take them to court to get them off the mortgage if they dont agree. and they could sue you for half of what your mortgage is worth. and if they win you pay them what they won and then they can be taken off. but yes they own half.
If the borrower cannot make the payments but the cosigner does can the mortgage company still take the house?
They could still cosign. It would mainly land on the bank to see if they would approve this person as a cosigner. More then likely they would if they have a mortgage as well as 2 other car loans that are up to date. This person probably has very good credit and all they'd need is a good amount of funds coming in to get approved.
Having a cosigner has nothing to do with your marital status. It's all about your credit. If you do need a cosigner for lets say a car loan, then it's better to have your spouse sign than ask a relative/friend to sign. Unless your spouses' credit is bad, then you have to look into a person who has good credit. Hope this helps!
If my sister and her husband took out a mortgage with my mom as a cosigner and are now behind in their mortgage payments will my mom's estate responsible for the mortgage?
Each person who co-signs a mortgage is equally responsible for paying the mortgage. If your mother has died then her estate must be probated. The debts of the decedent must be paid before any property can be distributed to the heirs. You need to consult with an attorney who specializes in probate in your area who could review your situation and determine what the obligations are regarding the mortgage.
Co-signing a mortgage doesn't provide any rights. Co-signing creates responsibility. The co-signer is completely responsible for paying the mortgage if the primary borrower fails to pay, even if they don't have any ownership in the property covered by the mortgage. Co-signing is an agreement to take legal responsibility for someone else's debt.
The short answer is, nothing good. As a co-signer, you are still responsible for making sure the mortgage payments are made in full on time. However, you should talk to the bank that holds the mortgage to see what you need to do, particularly if the title of the house doesn't come to you through the will or settling of the estate.
Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?
You purchased a home from a relative he did not notify the county that the mortgage was satisfied he has since died and has no heirs except your husband who is his nephew?
Your grandmother is a cosigner on your mothers house and your mother is now deceased is your grandmother now the owner?
The cosigner would need to agree. At the very least, consider what you are doing before you even ask. If you needed a co-signer for the first thing, your finances are in disarray. You should be able to refinance the first loan in your name only and then and only then consider adding to your debts. Answer No. A person who agrees to be a co-signer on a note and mortgage does not need to…
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed. You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed. You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed. You need to…
First and foremost, you cannot remove a "co-signer" of a mortgage from the obligations of the mortgage. They may release their interest in the property by signing a deed but that doesn't release them from their obligation to pay the mortgage. This type of situation often happens in a divorce when the parties have a poorly drawn agreement that one will convey their interest to the other and the other will take responsibility for the…