If I am listed on a mortgage as a borrower does that mean I am responsible if one of the other 3 persons default on the loan?
If I am listed on a mortgage as a borrower does that mean I am responsible if one of the other 3 persons default on the loan?
My sister & brother-in-law wants to use real estate property owned by my sister any me for collateral for a loan. The title company wants to list my sister & her husband, me and my husband as borrowers even though my husband and me did not apply for the loan. They insist that my husband and me will not be responsible for paying back the loan even if it is defaulted. What is the truth?
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If it defaults and you dont pay they can foreclose on your property - dont do it unless you are prepared to cover for them in the event they default - since you own the property you have to agree or she cant get a loan
Brian Barnes
Nationwide Lender
Brian@Aimwithfocus.com