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When two people sign a note as co-borrowers they are each responsible for payment of the outstanding debt. If one doesn't pay then the other will be responsible for the entire balance.
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∙ 15y ago
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What is a coborrower's liability on a Mortgage?
The liability is 100%. Both are 100% responsible for payment.
You cant get a mortgage loan can i put your sister on the loan eventhough she live on a different state?
You can add your sister that lives out of state. One of my personal favorite loan for this is the FHA loan. She will be classified as a "Non-Occupying CoBorrower"
What happens when a coborrower stops paying their portion of mortgage?
The other co-signer is responsible for paying the mortgage. If the mortgage goes into default both credit records will be ruined. Both signers are equally responsible for full payment. If one doesn't pay the other must or the bank will foreclose.
Does banker have right to search your credit when not a coborrower on spouses refi of 85k rental home I have a 7 year old discharged bankruptcy but a 729 score and not working and he 855 with 95k year?
sounds like he is the borrower. You can not be a borrower without income. You can be on the titlewithout income you should not be on the loan. The bank has to check just his credit with just his income . thanks John d the mortgage man
Can a person's name be removed from a loan as coborrower if he wins a civil lawsuit?
It depends on the circumstances. That depends on whether the bank was a party to the lawsuit. If the court ruled the loan document was a forgery it may be binding on the bank. If you co-signed a loan and sued the other borrower regarding the payments, the bank isn't obligated to take your name off as co-signer. You would need to negotiate with the bank.
How do you be on deed without being coborrower?
To be on a deed without being a co-borrower, you can become a co-owner through other means, such as gifting or inheritance. However, being on the deed does not necessarily give you rights and obligations related to the mortgage or loan on the property. Being a co-borrower involves being held responsible for repayment of the loan, while being on the deed simply indicates your legal ownership of the property.
