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rosey · Joined: 07 Jul 2009 Posts: 3 1.84 Dollars($)

If my father co-signs for us, does that mean he is on the title or deed and that he now becomes part owner? We're concerned that if something happened to us, that my brother might coerce him into giving him the house and we don't want that to happen. Please tell me what we can do?

Thanks.

jasmineh · Posted: Tue Jul 07, 2009 10:08 am Post subject:

Rosey if your father was to co-sign for you that would put him as part owner of the property and obviously on the loan however, I am wondering why they are telling you that you need a co-signer for a refianance and what type of mortgage you are currently in there may be other ways to do it?

rosey · Joined: 07 Jul 2009 Posts: 3 1.84 Dollars($)

They said it's an FHA loan because our debt to income ratio is too high

jasmineh · Posted: Tue Jul 07, 2009 10:20 am Post subject:

Rosey if you are currently in an FHA loan you could do a streamline which is no income qualifying so your debt to income ration would not be an issue...how long have you been in the home?

rosey · Joined: 07 Jul 2009 Posts: 3 1.84 Dollars($)

I'm not currently in an FHA loan, they said the refinance would be FHA. We've lived in the house for 22 years.

adonis · Posted: Tue Jul 07, 2009 11:00 pm Post subject:

Hi rosey,

If your father cosigns for your loan, then the lender will want him to be a part owner of the property. Moreover, his name will also be included in the mortgage docs. It would not be legal for your brother to coerce your father to sign the property to him. Your father can file a lawsuit against your brother in case he does so.

Guest

totally not true. he'd only be responsible for the debt if you don't pay

jveenstra · Posted: Fri Jul 30, 2010 9:24 am Post subject: Cosigner

FHA allows cosigners or coborrowers.
Cosigners are not on the deed and do not own the property.
Coborrowers are on the deed and do own the property.

You need to determine from the lender if a true cosigner (not an owner) is permitted. While it is permitted by FHA, the lender determines which of the two scenarios they will permit. Just because FHA allows true cosigners does not mean the lender will do it.

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We are refinancing our mortgage and have been told that we need a co-signer.