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finding co-signor

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lock412by Joined: 15 Apr 2009 Posts: 1 1.00 Dollars($)	Posted: Wed Apr 15, 2009 11:32 am    Post subject: finding co-signor Like 0 Dislike 0 is a co-signor's money tied up if he co-signs for a mortgage? Does it hurt his own borrowing power? I am doing a buy-back onn my home and need a co-signor. Hoping bank will agree to $300,000 (proprty is worth over $500,000). I have 3 rentals on site that bring in $2800 a month. As I am 65 I plan to put home on market as soon as I get it back in my name. (I lost it to a predatory bank and couldn't afford 12%, 13% interest rates. Plan to give co-signor a minimum of $50,000 when property is sold sometime in the next 2 years. I am located in SE PA. If I don't find someone to cosign I'll be evicted, have lost all my equity and income. Not the thing to look forward to at 65 and alone. thanks for any help.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Wed Apr 15, 2009 10:59 pm    Post subject: Like 0 Dislike 0 Hi lock, If a person co-signs for your loan, he/she is equally responsible to pay off the loan as you are. If you default on the loan payments, the lender will come after the co-signer to recover the dues. Moreover, if your property is foreclosed upon, then the cosigner's credit will also get effected. If someone with good credit and income co-signs for you, then you'll face no issues in getting a mortgage. Thanks
becky Guest	Posted: Thu Apr 16, 2009 8:15 am    Post subject: finding cosignor/cosigner Like 0 Dislike 0 how does one find a co-signer? I don't know any whho would be inthat position. I am trying to buy back my home..then I'll put it up for sale myself. If I can't get a mortgage I will be ev icted from only home I know. I will have lost my equity, my income and no where to go. I need help. I'm also 65 and alone. thanks
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Apr 16, 2009 11:11 pm    Post subject: Like 0 Dislike 0 Hi becky! Welcome to the forums! Did you speak to your lender about reverse mortgage? If you have equity in the property, then you can go for the reverse mortgage. However, when you sell off the property, you'll have to immediately pay off the mortgage dues. As far as finding a co-signer is concerned, you can contact your friend or relatives for this. However, you should note that the co-signer should have a good credit score and income. Feel free to ask if you have further queries. Sussane

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