Posted on: 23rd Mar, 2008 12:16 pm
I WANT TO BUYS A HOUSE, BUT MY CREDIT iTS NOT GOOD, MY FRIEND SAID SHE WILL HELP ME WITH THE LOAN, AND THEN I WILL BE AND THE TITLE, DEED OF THE HOUSE. THAT MEANS SHE IS OWNER OF THE HOUSE TOO. WHAT IF SOMENTHIG HAPPEN TO HER HER HUSBAND, KIDS CAN CLAIM PART OF THE HOUSE EVEN THAT IS ONLY ME PAYING THE HOUSE. PLEASE HELP ME.
Hi Snugleh,
Welcome to the forums.
I guess your friend wants to sign on the loan doc as a cosigner meaning that you can use his credit and/or income to qualify for the mortgage. However, this doesn't mean he'll have to be a co-owner in your property.
In case she wants an ownership interest in the house, then she will be the co-borrower too. So first of all get it verified from her as to what exactly she wants to be - a cosigner or a co-borrower?
Take Care
Welcome to the forums.
I guess your friend wants to sign on the loan doc as a cosigner meaning that you can use his credit and/or income to qualify for the mortgage. However, this doesn't mean he'll have to be a co-owner in your property.
In case she wants an ownership interest in the house, then she will be the co-borrower too. So first of all get it verified from her as to what exactly she wants to be - a cosigner or a co-borrower?
Take Care
sara is right - you need to have your friend clarify her involvement.
