Posted on: 09th Mar, 2009 02:22 pm
I cosigned on a mortgage for joint ownership, but I didn't sign the bank loan. The mortgage states that I'm not responsible for any of the debt. If my boyfriend is unable to make payments and the bank forecloses, will it mess up my credit?
Hi LGreen,
"I cosigned on a mortgage for joint ownership, but I didn't sign the bank loan."
I don't quite understand what you mean by this. How can you sign on the mortgage and still not be responsible for the debt? Do you mean to say you consigned on the deed and are both on the title to the house, while only your boyfriend's name is on the loan?
Well, if this is the case then your credit will not get affected in the event of a foreclosure on the property. As your boyfriend is on the loan, his credit will definitely take a hit, but not yours.
"I cosigned on a mortgage for joint ownership, but I didn't sign the bank loan."
I don't quite understand what you mean by this. How can you sign on the mortgage and still not be responsible for the debt? Do you mean to say you consigned on the deed and are both on the title to the house, while only your boyfriend's name is on the loan?
Well, if this is the case then your credit will not get affected in the event of a foreclosure on the property. As your boyfriend is on the loan, his credit will definitely take a hit, but not yours.