2007-01-11 12:52:51 · 2 answers · asked by tito 1 in Business & Finance ➔ Renting & Real Estate
There is such a thing as a co-signor in real estate. When someone co-signs a mortgage, they just guarantee the payments will be made if you default on the mortgage. They're not co-borrowers because they don't receive the money from the lender. They're guarantors and co-signors of the mortgage.
As far as getting a new mortgage, the lender will probably be satisfied if your co-signor is financially sound and able to make the payments.
2007-01-11 21:22:51 · answer #1 · answered by greebyc 3 · 0⤊ 0⤋
No such thing as a co-signer in Real Estate. They would be a co-borrower. The mortgage company would combine credit and income. It is possible for someone to be a co-owner of the property and not be on the mortgage. Every situation is unique.
If you have more questions please feel free to email me. I would be happy to look at your unique situation.
Michael
2007-01-11 13:02:03 · answer #2 · answered by Bestbank Real Estate 3 · 0⤊ 0⤋