How do my husband and I come off a loan that we just became

gailorner · Joined: 30 Oct 2007 Posts: 1 1.31 Dollars($)

My husband and I just became co-buyers with my adult son, we are starting our business up, and need to take care of some assests, we are co-buyers, becausae of his credit, not enough to sigh alone on lone? How can we do this/ Help

adonis · Posted: Tue Oct 30, 2007 9:04 pm Post subject:

Hi Gailorner,

Signing a mortgage note with him, it will possible. And you are equally responsible to pay off the loan as your son.

helping_user · Posted: Tue Oct 30, 2007 9:45 pm Post subject:

Hi Gailorner,

Adonis is absolutely right. You need to sign a Mortgage Note with your son as a secondary borrower, where your son will play the role of primary borrower. And as a result your name must appear on the mortgage as co-borrower. If in any case, your son become the defaulter then you are the person liable for the payment. You may refer this article on Co-borrower to get much fair idea about the role and responsibility.

Thanks

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Gailorner,

Do you want to take out your name as co-buyer from the loan?

In that case, your son has to refinance the mortgage in his name only.

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