Posted on: 26th Jul, 2009 07:28 am
If my partner has a loan without my name that goes bad, will my credit rating be impacted?...My partiner and i have been together for 20 plus years. During that time we put all big purchases house, cars, boat, under both names. We have excellent credit together. My partner is now considering putting her name as a co Borrower to purchase a home for her mother and sister who both have really bad credit. My question is: If something happens to the loan my partner is a co-borrower on and they have to foreclose the house and/or or continuously late with payments, will my credit be impacted or will it just be my partners credit rating.? Remember, we own loans together but I will not be on the new house loan for her family.
since you will not be on new property's deed & it's mortgage, i do not think your credit rating will be impacted.
It will surely impact on credit rating of your partner
It will surely impact on credit rating of your partner
Hi Guest,
Your credit rating will not be effected if your partner defaults on the new loan she takes for her family. As you will not be on the property or on the mortgage, you will be no way responsible for the mortgage.
Your credit rating will not be effected if your partner defaults on the new loan she takes for her family. As you will not be on the property or on the mortgage, you will be no way responsible for the mortgage.