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CO signer question

Posted on: 31st Jan, 2011 04:22 pm
hello,
i cosigned a loan for my brother on a house and now i want to buy a house but can't because of the loan. if he tries to refinance the loan without me and does not get approved, what else can i do to try to clear my name??
Most lenders still abide by the rule that allows for documentation that the primary borrower has been paying for the previous 12 months (in a timely manner, of course).

Check with any potential lenders you do business with to see if they'll accept documentation from your brother showing his payment history. Make certain all payments have been paid as agreed, or you'll suffer even more.

You might receive better treatment if you speak with the lender that holds the existing mortgage, since there'd be records at hand indicating promptness of payment. Nonetheless, you'd need 12 months' cancelled checks or 12 months' bank statements from your brother to prove he makes the payments.
Posted on: 01st Feb, 2011 05:36 pm
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