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.
AnswerNo. A person who agrees to be a co-signer on a note and mortgage does not need to be on the deed. However, if you don't own the property then you should not promise to guarantee the mortgage will be paid.
A co-signer on a note and mortgage is completely responsible for paying the mortgage if the primary borrower defaults. If someone has asked you to sign their note and mortgage you should consider the request carefully. If you decide to go ahead and sign you should also consider requiring that they execute a new deed with you as the co-owner of the property.
No. A deed of trust demonstrates that a bank (or other lending institution) owns the property, however, the bank may not sell or pledge the property unless the borrower had not met loan conditions. Even if you are the lender (and, therefore, have been given a deed of trust), unless the people that you have made the loan to fail to meet obligations, you may not use the piece of paper or the underlying property as collateral.
Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
Collateral
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
yes you can, provided the owner of the property agrees to mortgage it for the loan
If your property is collateral for the bank's loan there is almost a 100% probablility that, whether you hold the deed or not, they have filed a lien against the property to protect their interests
The obligation of being a cosigner and the inclusion of the person's name on a deed are two different issues. Being removed from a deed does not relieve the cosigner of the financial obligation of the loan. In addition, a quit claim to property is usually necessary, the action needed depends upon the laws of the state where the property is located.
No. A deed of trust demonstrates that a bank (or other lending institution) owns the property, however, the bank may not sell or pledge the property unless the borrower had not met loan conditions. Even if you are the lender (and, therefore, have been given a deed of trust), unless the people that you have made the loan to fail to meet obligations, you may not use the piece of paper or the underlying property as collateral.
No, a quit claim deed only changes ownership of the property. The property will still remain collateral for the mortgage loan. The actual ownership of the property does not change the terms of the mortgage loan and the promise the signatories (you) made to the bank.
The cosigner of the loan owns 1/2 of the property if they are on the title.
Yes, the cosigner can sue the primary borrower if they can prove the money paid on the exisitng loan was a loan to the borrower and the person had knowledge of and agreed to the action.
Collateral is the property a borrower pledges to a lender in a loan. This property secures the lender's interest. A house is the collateral on a mortgage loan.
Collateral is an adjective that is frequently used elliptically as a noun. The bank wanted collateral (property) to secure the loan. It is understood that the property is offered collaterally to secure the loan so the noun 'property' is omitted.
Collateral
yes you can, provided the owner of the property agrees to mortgage it for the loan
Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.