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co-borrower & co-signer

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Wanda Guest 0.10 Dollars($)	Posted: Mon Nov 19, 2007 4:49 pm    Post subject: co-borrower & co-signer I would like to know the difference and obligation of each when on a mortgage loan...Co-Borrower ; Co-Signer
banker0679 Community Experts Joined: 15 Nov 2007 Posts: 280 Location: Charlotte, North Carolina 16.67 Dollars($)	Posted: Mon Nov 19, 2007 7:50 pm    Post subject: there arent many loans that will allow you to co-sign for someone anymore. they list you as a co-borrower. parents co-sign for student loans or automobiles..and they are financially reponsible for the note. I would still think that the lender will still go after the person they are co-signing for. _________________ Current Mortgage Rates FHA Mortgage Loans Home Mortgages in North Carolina
jenkin7 Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)	Posted: Tue Nov 20, 2007 3:28 am    Post subject: Hello Wanda, A co-borrower is an additional borrower whose income becomes a qualifying factor for the loan and is jointly and primarily responsible for the loan repayment. A co-borrower should be on the title of the property. Whereas, a co-signer guarantees the payment of the debt in case the primary borrower defaults. He may or may not be on the title of the property.
larry Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)	Posted: Tue Nov 20, 2007 7:08 am    Post subject: Hi Wanda, Welcome in this forum. The above posters have defined the co-borrower and co-signer. I would like to say that co-signer has only obligations but he does not enjoy any right. He signs in the loan documents but his name is not listed in the title where as the co-borrower's is listed on the title and the loan also. Co-signer is actually taking the risk for the original owner. Thanks, Larry
jasonredding Joined: 21 Nov 2007 Posts: 30 Location: Orchard Park, New York 16.53 Dollars($)	Posted: Wed Nov 21, 2007 11:09 am    Post subject: Wanda, I agree with all posters above on the differences between a co -borrower and co-signer though in today's market most lenders will simply refer to the second person as a co-borrower. The biggest thing to rember though is that you are both equally responsible for the debt and liable. Whether it is a credit card, auto payment, or mortgage. If those payments are not made or the borrower gets forclosed upon your credit will be severely impacted. The excuse of I was just a co-borrower or co-signer it really was not mine has no wait in the eyes of lending institutions or banks. Jason Redding Senior Mortgage Specialist Nickel City Funding Orchard Park, NY 14217 877-865-2912

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