Profile picture for celita78

I want to buy a home but need a co-borrower....

Unfortunately my father didn't qualify cause he has too much debt to income so I need to find another co-borrower. I am going to ask among my cousins and uncles but what are the future legal issues that can arise from this? Does that co-borrower have to be an owner?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 22 2009 - San Diego
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

Celita,
A co-borrower is normally also on the deed, unless they are stupid. Being a co-owner also protects their interest in the property. Many, many legal issues can arise from the co-ownership of real property. Think of yourself as married to the co-owner who depending on how the property it titled, can sell or encumber their interest. As a lawyer and a broker, give me a call and we can discuss some of the pitfalls and options.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 22 2009
 
Related Questions
What does an underwriter want to see for a smooth 1031 Exchange with an investment property?
Profile picture for randallscott3
Latest answer by randallscott3
June 25 | 2 answers
I'm a 1st time buyer with a credit score of 584. Can I get an FHA loan with 3.5% down.
Profile picture for Scott Frasetto
Latest answer by Scott Frasetto
May 08 | 7 answers
Is a Mortgage w/o 4506-T available in this scenario?
Profile picture for George  Raymondo
Latest answer by George Raymondo
April 01 | 7 answers
Can a recent college-grad with only 1 year of work history give his new family a home?
Profile picture for Amir and Roxane Team
Latest answer by Amir and Roxane Team
March 21 | 14 answers
I need Manual Under writing...lack of credit history.....?????
Profile picture for Mark Barrett
Latest answer by Mark Barrett
February 19 | 6 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 789 Dovecrest Pl, Chula Vista, CA Home For Sale
    789 Dovecrest Pl, Chula Vista, CA 91914

     For Sale: $850,000

    • Beds: 6
    • Sqft: 3850
    • Baths: 5.0
    • Lot: --
  2. 4045 N Bonita St, Spring Valley, CA Home For Sale
    4045 N Bonita St, Spring Valley, CA 91977

     For Sale: $300,000

    • Beds: 2
    • Sqft: 807
    • Baths: 2.0
    • Lot: 17100
  3. 449 Patricia Ln, El Cajon, CA Home For Sale
    449 Patricia Ln, El Cajon, CA 92020

     For Sale: $375,000

    • Beds: 3
    • Sqft: 1232
    • Baths: 2.0
    • Lot: 9000