Posted on: 30th Oct, 2007 03:09 pm
My husband and I just became co-buyers with my adult son, we are starting our business up, and need to take care of some assests, we are co-buyers, becausae of his credit, not enough to sigh alone on lone? How can we do this/ Help
Hi Gailorner,
Signing a mortgage note with him, it will possible. And you are equally responsible to pay off the loan as your son.
Signing a mortgage note with him, it will possible. And you are equally responsible to pay off the loan as your son.
Hi Gailorner,
Adonis is absolutely right. You need to sign a Mortgage Note with your son as a secondary borrower, where your son will play the role of primary borrower. And as a result your name must appear on the mortgage as co-borrower. If in any case, your son become the defaulter then you are the person liable for the payment. You may refer this article on Co-borrower to get much fair idea about the role and responsibility.
Thanks
Adonis is absolutely right. You need to sign a Mortgage Note with your son as a secondary borrower, where your son will play the role of primary borrower. And as a result your name must appear on the mortgage as co-borrower. If in any case, your son become the defaulter then you are the person liable for the payment. You may refer this article on Co-borrower to get much fair idea about the role and responsibility.
Thanks