I think i was put on the mortgage so there was an extra salary and more funds, but now i'm considering one of my own but worried this will stop me getting my own personal mortgage
2006-06-07 23:27:34 · 6 answers · asked by yo_chick 2 in Business & Finance ➔ Other - Business & Finance
Check your credit report.
If it shows up on your credit report, it can hurt you.
It's not that you are paying into the mortgage, but rather that you are partially LIABLE for paying if the other person does not.
2006-06-07 23:30:30 · answer #1 · answered by double_nubbins 5 · 1⤊ 0⤋
If you signed the note, not the mortgage, you'll usually have the loan report to credit.
The mortgage secures the note to the property (the collateral for your loan). A bankruptcy, for example, discharges your debt on the note but it doesn't release the mortgage.
If the loan was paid on time, your credit may improve and some lenders will allow you to exclude the payments if you can show canceled checks for 12 months and/or are not living at the property.
If the mortgage was paid late, it will have a tremendously adverse impact on your credit and chances of buying a home even if you weren't making the payments. The only way to be taken off the note to the mortgage company is to refinance in the other person's name or sell the property.
In some very rare situations, I've been successful at removing a mortgage note reporting to credit as a result of a divorce but those were unique situations and usually don't work out.
If your credit is good, there is a lot more flexibility when qualifying for a refinance loan so make sure to keep your payments on time, etc., etc.
2006-06-12 14:33:12 · answer #2 · answered by mortgageguy 2 · 0⤊ 0⤋
Yes...this co signed mortgage will hinder you from getting your own mortgage. Did you have to sign finance papers? If so, you are legally bound to that home...and loan!! You might want to contact a loan officer and have your credit pulled to see where you stand. Getting approved for a mortgage will depend on your debt to income ratio, a mortgage broker/loan officer is your first step. I just hope the person you signed for has been paying their payments on time....or you will be getting a double whammy!! Good Luck.
2006-06-08 06:35:08 · answer #3 · answered by getrd2go 6 · 0⤊ 0⤋
1st off your name just doesn't appear on a mortgage. You had to physcially sign the mortgage documents for you name to be linked with this mortgage. If you gave your information to someone to say they had more income is fraud!!!
If your credit is good, or even mediocre you should be able to apply for a home mortgage of your own.
When the creditor runs your credit bureau they'll be able to tell if you're linked up with that other mortgage. I would not divulge this information to them!! Keep your mouth shut on the latter
2006-06-08 06:31:27 · answer #4 · answered by aunt_beeaa 5 · 0⤊ 0⤋
If the property ever goes into foreclosure you will get bad credit, which will not allow you the credit needed to purchase your own.
Unless you're paying cash!
Also being on the deed is not being on the mortgage.
And of course being on the mortgage is like being a co-signer
2006-06-08 06:31:38 · answer #5 · answered by STARLITE 4 · 0⤊ 0⤋
You have to get ont of that one or declare that you are in a morgage
2006-06-08 06:30:15 · answer #6 · answered by davidsupa 2 · 0⤊ 0⤋