why do so many houses go back to the bank? Aren't the Co-signers required to pick up the tab?
2007-08-17 09:56:45 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, but most of the time there isn't a cosigner - and if there is, maybe that person can't or won't make the payments either.
2007-08-17 10:02:08 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
purely with the settlement of the lender... it may desire to take a clean settlement, so your aunt and uncle will could desire to be waiting to take out the loan without you (probably with somebody else doing the co-signing). in the event that they are in a position to't do it now, will they be waiting to realize this in a 365 days or 2? Co-signing a loan settlement skill you would be to blame in the event that they are in a position to't locate the money for to maintain up the loan money. individually, i could circumvent being the co-signer on the loan - that's taking a danger without the skill benefit. yet I even have completed so in the previous, without problems, so that's not a significant situation. yet superb is Shakespeare's suggestion - neither a borrower extra a lender be - exceptionally with acquaintances and family...
2016-10-15 23:27:29 · answer #2 · answered by simpkins 4 · 0⤊ 0⤋
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2007-08-18 00:37:48 · answer #3 · answered by David b 1 · 0⤊ 0⤋
Most often on home loans, there is no cosigner. And do yourself a favor, NEVER NEVER NEVER cosign for any one. You will be responsible for the debt if the borrower doesn't pay. It will ruin your friendship. If you don't like some one, loan them $20, you will never see them again!
2007-08-17 10:03:50 · answer #4 · answered by Charles S 4 · 0⤊ 0⤋
why? the home is worthless - be best to short sale it and let bank loss some money than you ... after all the feds will pick up the tabs on those banks but not you
2007-08-17 10:01:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes the the co-signer is responsible but if she/he can't afford to pay then the house is foreclose and it goes on both of their credit reports.
2007-08-17 10:12:59 · answer #6 · answered by firefly 1 · 0⤊ 0⤋