parents co-borrowing

Guest 0.10 Dollars($)

I am buying a house and my parents are co-borrowing...does there name have to go on the deed or can it just be my name?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Stacy.

Welcome to the forum.

I think your parents will be the co-signer on the mortgage. If they are the co-signer then you can get the deed on your name only. If you default on the mortgage payments then your parents will also be responsible to repay the loan. So do your parents ready to be the co-signer?

Feel free to ask if you have any further questions.

Best of luck,
Larry

gmakerley · Posted: Tue Jul 08, 2008 7:09 am Post subject:

i agree. you would be the sole owner of the property, while your parents are simply guaranteeing repayment of the loan.

brian1 · Posted: Tue Jul 08, 2008 11:37 pm Post subject:

I wouldnt suggest doing that to your parents. Add them to the title until you can refi them off of the loan. If something happens to you - hard to imagine but think it through - lets say you cause a wreck and are killed but also are the cause of someone elses death (This is extreme to prove a point) what happens then.... the parents have no right to the property but owe the mortgage....... In my opinion if they have financial obligation they should be on the deed until you can get them off....

I personally would not co sign for my child if I could not be on the deed.

Just my 2 cents
B

brian1 · Posted: Tue Jul 08, 2008 11:42 pm Post subject:

The point was (I left it off) the other family could sue your estate and take the home and your parents are left with the mortgage...
sorry for two posts didnt think it was clear what I was trying to say on the first

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