Posted on: 25th May, 2009 06:54 am
Hi, I am recently divorced. However, the process took almost two years. During that time my husband was consistently late paying the mortgage. My name is on the deed and the mortgage. Now that we are final, is taking our home and I have been trying to get a loan for a home. My credit score was badly damaged. However our Michigan Credit Union agreed to give me a loan with a co-signer. My co-signer would like to hold a large sum of money to ensure that the mortgage is paid timely. I plan to pay for my home in 3-4 years. I have agreed to this. Are there any other provisions we can take to ensure his protection while helping me?
Have an attorney draw up a contract between the two of you. You need to protect your large sum of money as well. In fact, the best scenario would be to have your attorney hold it in escrow for the two of you. That way, he cannot run off with it.