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does a cosignor for a equity loan have to own the home,or can a parent cosign

Profile picture for dcliffy77
i have bad credit, my wife has good credit and we get turned down is it possible to get a parent to cosign on my behalf
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June 27 2010 - West Fallowfield Township
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Answers (3)

Profile picture for sunnyview
You know you posted spam yesterday. I don't know why you keep doing it, but it makes you look ignorant. I hope you like flags.
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July 01 2010

Hi,

Since you are credit score challenged, the first thing you need to do is

improve your credit score!

Go to: [link removed by moderator] and watch this 5 minute

video for tips and options to take action!

Good Luck!
Rich

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July 01 2010
Profile picture for wetdawgs
A cosigner has to have the income and low enough debt to be able to carry the loan.   The rates come from the person with the lowest credit score, so if yours is too low, you wouldn't be on the loan.

The co-signer has potential to become 100% responsible for the loan.  Requesting someone co-sign isn't something you do to someone you love.

Spend a year or two to rebuild your credit, then get the loan.

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June 27 2010
 

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