CO - borrower on loans

Hi anybody,

Welcome to this forum.

What I understand from your post is you property is not foreclosed but the co-borrower has a separate house and that has been foreclosed, right. If so your credit will not be affected.

Thanks,
Larry

No they cant if you are not on that mortgage it has nothing to do with you. Now if your co-borrower fails to pay on your joint obligation you are expected to step up and take care of it.

I would not think it would affect your credit at all, the foreclosure would be listed under the co borrowers social security number, not yours, so I do not believe that you have anything to worry about.

I believe this is how it goes but if they default you are required to pay the debt since you are co-borrower. Is this correct?

They should give you the opportunity since you are a co borrow on the property, I am thinking that you are obligated if your name is on the debt also.

I don't think they would even bother putting co-borrowers on a loan unless they intended to be able to use them for some type of financial recovery or payment. Why go through all the hassle if you were the bank to even add a co-borrower unless you could use them for security on the loan.

True fireyone, they do run a credit check and everything they do on a primary borrower to see the credit worthiness and possible recovery, so I think that you are exactly right on this one. I have seen many instances where if the primary borrower don't pay they go after the co signer.

Seen that happen a few times myself. I think it would be hard for me to actually co sign for anyone. There is just so much at risk. It wouldn't all be that I didn't trust the person, it would also be I don't trust the economy. With the way things are right now a person at the top could find thereself at the bottom (finacially )very easily. I surely hope we get a president in there that will put us at at ease. Totally off the subject...who are you pulling for in the presidental race?

I could not be a co signer, my credit isn't that great, see there are some perks to having a lower credit score, LOL.

Thats a good one there jbarto. I guess you could consider it a perk. I would hate to feel uncomfortable if anyone asked. I mean these days it is like laying your life on the line since your credit rating is such a big deal. People who ask don't relize the spot they put a person in.