 Who has left their rent slip this week? |
| o.k so all the christmas preesies are costing too much now.will have to make it up next week.... |
|
 I don't work and have no means of income, can i get Section 8? Who will pay for the full price of rent? |
I can't pay because I don't have no means of income whatsoever, I don't collect unemployment, don't have welfare or nothing.
Additional Details
I can't get a job ... |
|
 Can i make my roommate pay for damage her pet has done? |
| Me and a roommate are moving out soon and going our separate ways. During the tenancy she wanted a dog and i said i didn't. she assured me she would take full responsibility for it, including ... |
|
 I signed a buyer's agreement in Texas with my realtor.Together we didn't find anything.Can I be sued? |
| I found my new home by myself one day. The next day another realtor took me to a close by neighborhood (same builder).This realtor ended up on my contract that I signed since the builder knew about ... |
|
 I listed my home with a realtor today but i changed my mind? |
| I signed documents to list my home and my girlfriend freaked can i get out of this?... |
|
 If your landlord decides he wants to sell his property? |
| What is the situation? Can he just come along and show people around while you`re sitting there watching the telly? Are you obliged to let him in? Is it right that strangers can just barge in and ... |
|
 I would like to buy the house I am currently living in but I think that the asking price is a bit to high.? |
| How do I go about trying to persuade the owner to bring down the price. There are a lot of things that need to be fixed in the house. Do you think that once the inspection is done that the home owner ... |
|
 Is it possible that a mortgage company will lower your interest rate because u will lose ur house otherwise? |
| My debt to income ratio is too high right so I cannot refinance my home for a lower rate. I have a 9.99% and I cannot afford payments anymore. Has anyone had their mortgage co. lower their interest ... |
|
 My neighbor lost her condominium to foreclosure. The lender's people broke into my condominium. What recourse? |
I live in San Jose, California.
The lender sent some low life thugs to clear out all of my neighbor's possessions.
Instead the lender's thugs broke into my condominium.... |
|
 Mortgage company increase monthly bill without notice do I have any recourse? |
| I purchased a rental property in March 2007. I ran all the numbers and was clearing close to $400 dollars a month on a $200K dollar home. In December of 2007, the mortgage company increased the ... |
|
 Getting 1st Mortgage. What do I need to know and have to do? |
Im thinking of buying a small house I have seen for sale, I have an appointment to view it on Monday.
I dont want to be ripped off. I have about 5% deposit of the house value to put down. I ... |
|
 Can I legitimately get money off my rent? |
| We just moved into a new house and when we did the place was filthy - walls dirty,carpets muddy, cobwebs everywhere. We were told it would be clean before we moved in. Also, when we viewed the ... |
|
 Is a landlord supposed to provice heat? |
| The house I rent has gas heat and I moved in with the tank empty. I cant afford to fill the tank.Its just to much of an amount at one time.should he have to fill it then charge me? I live in O... |
|
 Can I sell my rental home in Florida while my tenants still occupy the space?.? |
| We have a written lease for 12 months but I just can't afford to keep it up.... |
|
 Does it ever make sense to rent out a place you own for less than the cost of the mortgage? |
| I own a new condo and the rent on my style of unit is going for about 1200/month and the mortgage with everything included is about 1600/month.... |
|
|  |
NY2006 | What are some possible risks of cosigning for a house with a friend? |
My friend asked me to cosign with him and his wife but what are some cons of doing this? It's my first time and I really know nothing about it. Would it last for years? What will happen if something goes wrong on his part like he can't pay up like agreed, will the mortgage agency go after me hard? Concerns like that... Thanks for all the answers in advance. |
 |
 
chatsplas
 |
NO.
Multitudinous risks. . . . .your name on title and loan. . .if they continue their pattern of making poor choices, you're left in the lurch. Yes the lender will come after you and Yes your credit will be impaired. Yes, they have a pattern of making poor choices, for a long time, or their credit wouldn't be so impaired they can't do this on their own. They aren't ready to be homeowners. They need to take 6-12 months to clean up their credit and save for a down payment.
Saying NO may impair your friendship, but saying YES could end it disastrously!
I'm assuming you're not going to buy the house with them and live there, you're just enabling them to get house. . . . . |
|
mt_ski
|
So your friend needs a co-signer.
If he needs a co-signer, it means he doesn't have good credit.
So he probably does not handle his money well
When your friend does not pay, they go after you 100% for the mortgage.
DO NOT Co-sign |
|
Charlie Bucket
|
NO NO NO.
that mortgage becomes your responsibility.
if they miss even one payment it falls on you.
it affects your bank account & your credit.
do you want to be in foreclosure on a place that you don't live in?
NO NO NO. |
|
jamesthomascox
 |
There are several possible negatives.
1) They could go after you if he defaults. (Depends if it is recourse or non-recourse financing)
2) Even if non recourse (which means they can take the house if he doesn't pay but nothing else) they will still try to get the money from you.
3) It could ruin a friendship if something goes wrong.
4) It would damage your credit if he defaults.
5) It would limit your financing ability for your own needs. If you need a loan to buy a house for yourself, you may not be able to get it or it will be for a higher rate. Credit groups analyze your total debt load.
6) The length would depend on what you signed. You could try to limit it, but usually it is for the length of the loan. |
|
Marysue
|
In simple terms when you co-sign you are saying that you will pay that loan. If your friend doesn’t pay, either you do or your credit gets destroyed too. There’s no time limit on it. You’re as responsible as your friend is until that loan is paid in-full.
Never co-sign for anyone unless you’re prepared to pay the loan yourself. |
|
Worldly25
 |
They fail to make payments and loan is called due in full and you are liable. Or you end up making payments and they continue living in the house. This is a bad thing to do. At some time you may want to buy your own home and will not qualify for a mortgage since you already have that mortgage on your debit side. Say no and if your friend is angry that is not your problem |
|
DeeDee
|
There are only cons in this scenario, and no pros, except for the friend that talks you into co-signing. |
|
golferwhoworks
|
never do this even for family. It can ruin your credit and if they default you will have to pay up. These people do not need a mortgage that they cannot afford in any shape form or fashion. If there credit is bad what in the heck makes you think that leopards change their spots? They don't. I have been in the mortgage industry for many many years and if these people are sub prime buyers then you will get stuck. If they are over spending then you will get stuck as well. Oh things will go fine for a few months but when the car needs repairs the mortgage is the first to suffer. When they move in there will be ne something or another they want for the home and there goes the savings. You are doomed if you do this so please don't.
I am a mortgage banker in TN & KY |
|
src50
|
DON'T DO IT. It means that they can't qualify on their own and that you are promising to make good on the loan if they default. There is no upside for you; only downside. |
|
organizeyourbiz
|
It means if they default, you end up holding the bag. If they were good friends, they wouldn't have asked you.
NONONONONONONONO.
They will not only go after you hard, but it will ruin your credit and if you try to buy something on your own, it will raise your debt ratio.
Just a bad way to go. I wouldn't do it ever. |
|
williamebales
 |
Dear investor,
If you want to play Landlord it could be a very good investment opportunity for you. But word of caution for you. Think of it this way, Pretend that you have decided to buy this property and pay for everything by yourself and still live where you are living now.
Can you afford it? This is what you would be doing if they didn't pay up. But only until you got yourself another tenant/s to move in and pay rent. Which could be very good in the long run. But to answer your question. You would be totally responsible in the long run with the mortgage company. Then you would have to go after your friends to get your money back for defaulting. Thus costing you more money in the mean time. But please consider this. Go to your bank and ask the bank loan officer about the economy right now and how many people are defaulting on their loans right now. Most people have great intentions on paying their bills on time. But when unforeseen things happen due to their job status or illness, things can mess things up very quickly and it makes them have to fight to get out of the hole for many, many years.
If you have any questions about whether or not they can pay or not, don't cosign. Contact an Attorney on how you can protect yourself in this situation.
If you would like to know how to get an Affordable Attorney, just contact me at my email link provided with my picture. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
11 | 7 minutes(s) ago
| | | |
11 | 44 minutes(s) ago
| | | |
11 | 57 minutes(s) ago
| | | |
11 | 3 hour(s) ago
| | | |
11 | 4 hour(s) ago
| | | |
11 | 9 hour(s) ago
| | | |
11 | 11 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
13 | 6 day(s) ago
| | | |
11 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
