Posted on: 22nd Oct, 2008 09:10 pm
my father in law bought a house in arizona in 2006. im engaged to his daughter, he is 88 years old and he wanted to put us both on the deed of the house incase of his death. on our original paperwork it shows that he holds the note ? however me and my fiance are on all the paperwork 27 pages worth, it says co borrower where our names are but on the loan app it only states her fathers name, and his credit score ect, will this hit our credit cause we are letting the house go its in forclosure we cant afford it anymore.
Hi getyourcards4all!
As far as I can understand from your question, your father-in-law is the co-signer to the loan and you are a co-borrower. If this is the case, then the primary responsibility of paying the debt is on you. If you can't pay, then your father-in-law will have to pay it.
In my opinion, you will have to speak to the lender and check with him/her your responsibility.
Thanks.
As far as I can understand from your question, your father-in-law is the co-signer to the loan and you are a co-borrower. If this is the case, then the primary responsibility of paying the debt is on you. If you can't pay, then your father-in-law will have to pay it.
In my opinion, you will have to speak to the lender and check with him/her your responsibility.
Thanks.
Hi getyourcards4all!
Welcome to the forums!
If your father-in-law holds the note, then I think, he is the co-signer for the loan. The role of a co-signer is to pay off the debt in case the primary borrower i.e. you cannot pay off the loan. If you do not pay off the loan, then it will definitely hit your credit score and affect your credit.
Feel free to ask if you have further queries.
Sussane
Welcome to the forums!
If your father-in-law holds the note, then I think, he is the co-signer for the loan. The role of a co-signer is to pay off the debt in case the primary borrower i.e. you cannot pay off the loan. If you do not pay off the loan, then it will definitely hit your credit score and affect your credit.
Feel free to ask if you have further queries.
Sussane