Can someone Co-sign for a house without spouse agreeing to it?
My sisters husband was asked by his brother to co-sign for him to buy a house and he said he is going to do it even without my sisters conscent. Is that possible? and will it affect my sisters credit in anyway if they end up not making the payments? Please help we live in California
2007-03-28 17:17:50 · 8 answers · asked by calimexgirl!! 3 in Family & Relationships ➔ Marriage & Divorce
He can sign and yes it will effect husband credit if payments are not made by husband if bro doesnt pay...
2007-03-28 18:24:00 · answer #1 · answered by ABBYsMom 7 · 2⤊ 0⤋
You know I think they can, as it isn't your sister that is asking to co-sign for someone. But let me ask you something, why are you getting involved with their marriage? Don't you think that if your sister wanted these questions to be asked, she'd be asking them? However, you are right about one thing, if your brother-in-law doesn't keep up his payments after your husband co-signs for him, it will affect your sisters credit, eventually. (esp. if it goes into default, or to the credit bureau for non-payment). So I understand your concern, but it is your sisters marriage, and I don't believe in the marriage contract that it said you had to be her protector or keeper. I'm sorry if this sounds cruel, but the only person you really need to be concerned about when it comes to this, is your own! It's nice to be able to love your sister, as much as you obviously do, but don't let that love interfere with their relationship.
2007-03-28 17:27:16 · answer #2 · answered by Ikeg 3 · 0⤊ 0⤋
IT will effect your sister's credit if payments fall behind or are not made...big time! This is NOT something I advise in any way, shape, or form...your brother-in-law has no right to do this behind your sister's back...very bad. There will come a day when they will need credit , but it will be all locked up in the house he has cosigned for...dumb idea.
2007-03-28 17:24:22 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Oh gush, I think it is stupid to even let your partner co-sign for you because if they get divoced, you will be stuck with the paper for ever. Two people ahve to agree on some thing in order to buy any thing. Buying a house is such a big financial responsability! know a lot of companies let one partner do that. I remember my partner applied for all the creit cards and I had to make phone calls and give sh*** to those banks for doing so!
2007-03-28 17:24:16 · answer #4 · answered by S.E.E.N 1 · 1⤊ 0⤋
Yes your brother in law can co-sign for his brother (why he would do it is beyond me!) I do not believe it will affect their credit rating unless that mortgage is not paid on time. My husband wanted to bail his brother out of bankruptcy. I told him go ahead... first we will divide everything in half, and he could do what he wanted with his, but I was walking away with mine. Needless to say he didn't do it and guess what his brother made it through the bankruptcy just fine.
2007-03-28 17:35:37 · answer #5 · answered by lily 6 · 0⤊ 0⤋
Yes, your brother-in-lay can co-sign his brothers loan.
If the husband defaults on the loan yes it could eventually affect your sister's credit.
2007-03-28 17:21:38 · answer #6 · answered by jim_elkins 5 · 0⤊ 0⤋
Yes, they can cosign. What the spouse needs to do is file a "quit claim deed", which removes all right and responsibilities to the property.
2007-03-28 17:23:37 · answer #7 · answered by Royalhinney 7 · 1⤊ 0⤋
Yes, he can cosign without his wife's consent. My friend's mother cosigned for a student and didn't tell her dad. I think it is MORALLY wrong, but it definitely is LEGAL.
2007-03-28 17:21:31 · answer #8 · answered by TwinkaTee 6 · 0⤊ 0⤋