The mortgage must be paid off and refinanced without the co-signer.
The mortgage must be paid off and refinanced without the co-signer.
The mortgage must be paid off and refinanced without the co-signer.
The mortgage must be paid off and refinanced without the co-signer.
The mortgage must be paid off and refinanced without the co-signer.
Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.
No.No.No.No.
No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.
The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.
Yes. Banks require a co-signer to guarantee the loan will be paid. A co-signer is in the bank's interest. If the primary borrower doesn't pay the co-signer will be held responsible since they have guaranteed the loan repayment.
Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.Yes. Generally, that is the only way to remove a co-signer from the obligations under the mortgage.
No.No.No.No.
if your on the title be prepared to take over the payments.
No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.No. The co-signer is fully responsible for paying that mortgage for the life of the mortgage. The bank owns the mortgage and the reasons why the primary borrower needed a co-signer is the reason why the bank wanted another person to promise to pay. It will remain on your credit record as an unpaid mortgage until it is paid off. If the primary borrower fails to make payments the bank will go after the co-signer to pay. It is your debt.
A co-signer to a mortgage accepts full responsibility for the payment of the mortgage. Although it is not required for mortgage purposes that the co-signer have an interest in the property, that concept triggers another question.Why would a person who does not own real property accept the responsibility for paying for it? The bank wants a co-signer so that if the primary borrower defaults it can go after the co-signer for payment of the debt.If after being fully informed of your obligations, risks and possible consequences of co-signing you decide to co-sign a mortgage you should make certain your name is added to the title.
The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.The remaining co-signer would be stuck paying the mortgage or the lender will take possession of the property by foreclosure.
Yes. Banks require a co-signer to guarantee the loan will be paid. A co-signer is in the bank's interest. If the primary borrower doesn't pay the co-signer will be held responsible since they have guaranteed the loan repayment.
Yes. Banks require a co-signer to guarantee the loan will be paid. A co-signer is in the bank's interest. If the primary borrower doesn't pay the co-signer will be held responsible since they have guaranteed the loan repayment.
Yes Answer: What do you mean by co-signer? Was the co-signer a (A) grantee in the deed or was the co-signer a (B) volunteer who helped to pay the mortgage in lieu of rent?
The options are limited. You must pay it off or refinance. You would have to get the bank to agree to a refinance with only you as the signer, if you qualify. Banks rarely remove a co-signer from obligations under a mortgage.
No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.