Posted on: 08th May, 2009 11:54 am
my 2 brothers and i bought a vacation home 5 years ago, 30yr fixed. only 2 of us were on the mortgage, 3rd brother had bad credit. i want to refinance to a 15yr fixed but it will be in my name only. we all split the bills, mortgage, etc in 1/3rds. we also split the interest income and property tax deduction in 1/3rds when filing taxes. when i decide to move from my primary residence, will i be held 100% responsible for the vacation home mortgage in that it will affect my debt to income.
definitely - if you are the only borrower, then you are the only one liable for payments.
Hi djs,
I agree with George that you will be considered solely responsible for the mortgage once you refinance it in your name. Moreover it will also effect your debt to income ratio.
Thanks
I agree with George that you will be considered solely responsible for the mortgage once you refinance it in your name. Moreover it will also effect your debt to income ratio.
Thanks
