Profile picture for matuta

Re: Buying

I would like information I cosign for a friend in Jan. 2010 . I would like know how long do I have to wait to purchase a home. They been making payments under there name. What do I need to do. Please advice. Thanks.
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September 14 2010 - Norwalk
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Answers (4)

Profile picture for sunnyview
You are on the hook for that house and you need to get off or you may not be able to buy. Maybe you could claim the house as a partial rental in some way, but you need to check with a lender about whether that's possible.

A better solution is to get off the house altogether. You may be able to get the mortgage company to release you as the cosigner. It can be done, but it is very hard to do since for the bank two people to go after for payments is better than one. You also may see if your friend can refinance. Tell them whatever you have to to get off that mortgage obligation. Cosigning is financially dangerous so now is the time to deal with it.
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September 15 2010
This is more of a discussion than an answer...If the friend has been making payments for an extended period of time (not just 9 months as the example above) is it not possible to show the co-signor is not making these payments and should not have the debt charged against him?
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September 15 2010

As "Wetdawgs" pointed out by cosigning on your friends loan you've used that much of your own available credit as there's no difference when it comes to considering the debt between you and your friends. You are each equally responsible. Personally I do not think you were well advised to do this, but I don't know the all the details as to why you did this.

 

Depending on your credit score, you assets, your income to debt ratio you may be able to get a loan right now, on the other hand you may be unable to get a loan for some time as lenders will look at your friends home as your debt. If this is the case you'll need to see if it's possible to get yourself off your friends loan, though my experience is that it's much easier to get on a loan, then it is to get off.

 

I wish you good luck.

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September 15 2010
Profile picture for wetdawgs
As long as you are on friend's loan as a cosigner, you (and a loan officer) will have to consider that their debt is your debt.   So, if they owe $200,000 on their mortgage, any lender will consider that you have $200,000 worth of debt even though friend is currently paying.

The only way for that not to happen is for your friend to refinance without you on the loan.

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September 14 2010
 
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