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Guest

I just wanted to find out if i could have my son as a co-borrower for a school loan because I cannot be qualified by doing it on my own. Thanks

Guest

i discoverd that the co-borrower is not on the mortgage note does that mean that all payments I make will only show up on my credit report and does this releas payment reponsibility to co-coborower.?

savior70 · Posted: Wed Oct 21, 2009 6:29 am Post subject:

To Isis,

A co-borrower generally has to sign on the mortgage note as a mark of promise to repay the loan. It’s strange that the co-borrower on your loan is not on the promissory note. Since he is not on the mortgage note, it doesn’t look like he’s responsible for the mortgage payments. I think you need to talk with the lender and check with them what mortgage documents he actually signed and what exactly his responsibility towards the mortgage is.

To Asuzu,

You can surely use your son as a co-borrower for the loan, in case you do not qualify for it on your own. Though your son is going to be a co-singer, he will have to meet all the required criteria to be eligible to co-sign on the loan. He is also going to be equally responsible for repayment of the loan.

Guest

My husband and I are trying to purchase our first home. If my parents (who already own multiple homes) are co-borrowers for our loan does that disqualify us for the first time home buyers programs the government is offering since they would be co-borrowers?

Guest

CAN THE CO-BORROWER FILE THE FIRST TIME TAX CREDIT FOR A HOME?

Guest

Does a non-occupying co-borrower on a mortgage application for a purchase, have to go on title as well?

savior70 · Posted: Thu Jan 28, 2010 6:14 am Post subject:

To DENISE,

As a co-borrower, you can claim the first time buyer tax credit, provided you are on the property deed and you use it as your primary residence.

To zitter,

A non-occupying co-borrower does not necessarily have to be on the property title. However, some lenders require the co-borrower to be on the title to the property. But there is difference between co-borrower and a co-signer. In case of non-occupying co-signers, the person co-signing on the loan does not have to be on the title.

Guest

Can my buddies bad credit bring my score down by just simply signing as a co-borrower?

Guest

I co-signed for my sister on a loan....how should the deed read for purposes of right of survivorship...right now it says she is an unmarried woman and i'm a married woman as sole and separate property....i want it to act the same as joint tenants -- so is that the way the deed should have read...?

Niicss · Posted: Mon Apr 05, 2010 4:05 am Post subject:

Hi jasonkd,

Your buddy's bad credit won't affect you if you cosign a loan for him/her. You will be able to cosign for the loan depending upon your credit score and income.

To Frankie,

You need to contact an attorney and he will help you draft the property deed in such a manner that the ownership would be "joint tenancy with right to survivorship".

Guest

I'm a co-borrower on a mortgage for my brother about two years ago since he was unable to get a mortgage with his credit score. I'm wanting to release my name from the mortgage. He have went to our mortgage lender and he said they have denied him his request to refinance with his current credit score even though he haven't had any late mortgage payment in the last two years and also with his high income.

I'm planning on buying a house and need to remove my name from his mortgage so that I can get a mortgage of my own. Is there anything I can do to remove my name from his mortgage if he's not willing to refinance or his unable to with his low credit score?

sara · Posted: Tue Apr 06, 2010 2:08 am Post subject:

Hi alexsmt,

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/predeal/about37029.html#158986

Take a look at it. Hope it helps you.

Take care.

Guest

i helped my mom refiance her home and I am the co-borrower. I also own a home in another state, would I be able to refiance that home as well knowing that I am on another loan?

jameshogg · Posted: Wed May 26, 2010 2:31 am Post subject:

Hi Guest,

It will be your lender's discretion whether or not he will let you refinance the property as you are a co-borrower for another mortgage.

Thanks

Guest

We applied for a home loan. I have minimal income and have been on job a few months. I am listed as borrower and husband as co-borrower yet he has the income to qualify for the loan. Why is the loan set up that way?

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