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onlyforsincere | What are the advantages or disadavantages of being a cosigner on a 30 year mortgae for a friend? |
A good friend of mine has asked me cosign for her mortgage application. I have reservations about soing it. Anyone been in such situation before? Can I get of the obligation to bank if I want to after 2-3 years? |
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C S
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If you cosign a mortgage, you are responsible for that entire payment. Even if your friend is paying the whole payment each month, when it comes time for you to get a loan, the bank does not take into consideration that your friend is really making that other payment. You will likely not be eligible for another loan/mortgage as your Debt Service Ratio will now be too high. And that's assuming she pays in full and on time (best case scenario). If she defaults, YOU are responsible for making the payment, and you can say goodbye to your credit rating.
I do have a mortgage with a friend, however it is for a rental property which we own and manage together. And Although it is one of my very closest friends, we have a legal contract between us to outline our responsibilities. If your friend really wants this house, offer to buy it with her. You both share the liability equally. She will pay 'rent' at full market value, and you will split the value of that rent. Make sure your contract contains an Exit Clause (what will happen if one of you wants to sell).
There are many reasons why it is not a good idea to lend money to friends, nor do business with them. |
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angela
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I would strongly advise you not to do it. You are tying yourself and your credit up for the next 30 years if you co-sign a mortgage. If she doesn't pay then the lender will come after you for the payments. In effect, that's what co-signing is: you are telling the lender that if the borrower doesn't pay then you will be responsible for the loan. It will also show on your credit report and if she's late or defaults then it will affect your credit. You can do what you want but I think you would be setting yourself up for problems and possibly losing this woman's friendship. |
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goz1111
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Do not do it, |
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estielmo
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There is no way out of the obligation except as provided in the contract.
For the next 30 years you will be on the hook for this house and you will have no legal say in anything that concerns it. |
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Biggie @ Arbor Mortgage
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Your friend could default on the mortgage & destroy your credit. You are responsible for the mortgage as much as your friend is. You can get out of the obligation in 2-3 years by a refinance, as long as there is equity & credit has remained the same. This can also prevent you from obtaining a loan. I would not do it!!! |
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Doctor Deth
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there are no advantages to you - only possible disadvantages - your friend could NOT make payments from day 1 and live in the house and the bank WOULD eventually come after you for all the past due payments, plus late charges and probably other fees o r if friend is truly honest, makes payment and then loses job - you could be on the hook for the payments - DO NOT DO IT!!!! |
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Jools
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Don't do it! Your friend is your friend now, but things change. Do you really expect to be friends in 30 years?
Also, think about this logically. Your friend cannot get a mortgage, and needs your help. What this means is your friend has poor credit, which means your friend has had problems paying her/his debts in the past.
What that means is she/he is at high risk for falling behind again, and perhaps defaulting.
Do you really want to be responsible financially when that happens? Can you really afford to come up with the full balance when it goes into default? Do you really want a foreclosure on your credit, and to maybe have a judgment against you in court?
This is really not a good idea, at all. Just let your friend know that you're not ready for that kind of responsibility, and move on. |
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amal
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No, you cannot escape the liability in case your friend defaults.
Co Signor is as good as a principal borrower.
Have the property registered in joint names if at all you have to oblige your friend and the right of joint possession. This will be your security in case the mortgage is foreclosed for defaults. |
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Craig G
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Don't do it. Not for a friend. The only way you can get off is if your friend qualifies to get the loan on her own in the future and does a refi - you will not be removed from the current loan. Only consider for mom/dad....or kids.....in my opinion.... |
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