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vmichl · Joined: 08 Jul 2009 Posts: 1 1.57 Dollars($)

My friend and I own a house and split the mortgage payment, $1500 each ($3000 total) on a $475K loan. My credit report shows me liable for the entire amount. When applying for a home equity loan, student loan or any other loan, will the entire $3000 be used against me when calculating debt ratio? We also split the interest write off.

jameshogg · Posted: Wed Jul 08, 2009 11:09 pm Post subject:

Hi vmichl,

I guess both of your are on the property deed but it is you who are on the mortgage doc. Thus, you are liable to pay off the whole amount. When you apply for a home equity loan, student loan or any other loan, the entire $3000 be used against you to calculate the debt to ratio.

Thanks

gmakerley · Posted: Thu Jul 09, 2009 10:22 am Post subject:

anytime you sign a promissory note, you become liable for the full payment. this is a contractual obligation, and it gets reported to credit bureaus as such. any arrangement between 2 parties, such as you have, isn't relevant from the obligation standpoint. if you wish to have a lender consider that you're only paying half of the payment, you may find one. however, be prepared to document fully the arrangment, to include copies of checks from the other party. keep in mind, this is not going to be a given with any lenders - you'll have to shop around a lot to find one willing to consider it.

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Co-owners mortgage amount showing up on credit report