Overseas Co Signer

sgoldman · Joined: 28 Oct 2009 Posts: 1 1.36 Dollars($)

Hi,
My sister is wanting to purchase a property in the US as she has lived there for 10 years. Her income is too low for a mortgage and has been told that she will need a co signer for the loan.

As her sister, I am more than happy to be a co signer to help her out. I own properties in Australia, but am unsure if I can help her and what requirements I would need to meet to do so.

Can you please direct me to where I can get good, clear advice on this?

Thank you.

chrisburns · Posted: Wed Oct 28, 2009 6:17 pm Post subject:

Are you a US citizen? Can you document your income?

To give you a good answer we would need to know what your total monthly debts are between the two of you and how much income you make between the two of you.

Guest

Hi Chris,

Thanks for the prompt answer.

I am an Australian citizen and living in the UK at the moment. If I become a cosigner, is it possible to add my name to the title deeds of the property?

From your reply I am assuing that the income/debt will be jointly assessed. Is this still possible if I am not a US citizen?

Thank you for you assistance Chris, I really appreciate it.

gmakerley · Posted: Fri Oct 30, 2009 2:14 pm Post subject:

shelley, i'd have to think that your citizenship and your residency would both disqualify you from acting as a cosigner. you'll obviously be subject to different laws than a typical american citizen (non-citizen too) who is held to the laws of a specific jurisdiction. any lender would have to be absolutely certain that the laws of your locales wouldn't prevent it from enforcing the terms of the loan as it applies to you.

in my opinion, any such lender is going to have to pay an exorbitant amount of money to lawyers to make that determination; therefore, the effort wouldn't seem to make any sense.

All times are GMT - 7 Hours

Page 1 of 1