Can a co-signer kick you out?
A co-signer is someone who guarantees that payment will be made, if the primary signer defaults on the contract. If you are both on the lease, you both may have the right of access to the apartment. If it is a true co-signer situation the co-signer does not even have that right!. Look at yout lease and see if the co-signer has access rights. If you are not paying the rent, the co-signer can sue you for the money that they have to pay, but they can not kick you out just because they are mad at you.
If my mom is on housing/ section 8 can she been my co-signer for a school loan?
A co-signer normally has to be 'credit worthy'. Most of the lenders want to see a good credit score as well as at least 12K per year income. The worst that can happen is that mom will be denied as a co-signer. Usually, if a co-signer is denied then that can open up a few more opportunities via the school to offer some in house financing. Be careful though, because this avenue usually has a pretty steep interest rate. Who else do you know that might co-sign? A grandparent, perhaps?
My mom wants to buy a house. Should I cosign for her?
Absolutely not.The reason that a lender requires a co-signer for a specific loan is that the lender has a real reason to believe the borrower is a poor credit risk.By “co-singing” you are also assuming the debt from day one. When she misses a payment (and she will) you have also missed the payment.When the lender come to you for back payments, will you have the funds to pay her debts along with yours?Again, absolutely do not co-sign.
I need a cosigner on a house!?
My boyfriend and I are having a baby and would like to buy a house before the baby is due this summer. We have $25,000 down payment and know what we can afford to still live comfortably. I have good credit but do not make enough money to get a loan under just my name. I also like to be in control of everything and put all the bills in my name instead of both of our names...I know it was really dumb. My boyfriend, being the responsible person, pays everything in cash and does not have 12 months of credit history. He actually does not have a FICO score! The bank requires 12 months of credit history with 3 nontraditional credit sources (example: cell phone, electric, credit card, school loan...). We can afford a house but he cannot be on the Mortgage loan because of his lack of credit. My parents would cosign for me but what position does that put them it? I would figure out a plan to where they could have access to my bank account so they can see that I am paying the mortgage on time, or do direct deposit, or give them the money and have them pay. I have never been late on a rental payment and do not plan to be late on a mortgage payment. The last thing I want to do is screw up my parents credit. We really want a house for the baby and cannot rent anymore! Advise Please?!?!
Can I sell my home without the co-signer's approval?
1. Is his name on the Title/Deed? 2. One option is to refinance in your name which immediatly removes him from any monetary obligations. You could refinance for lower interest payment and since the home has appeciated you're in a stronger position in addition to your credit being stable or least meeting lender guidelines. A. credit card debt should be paid off or substantially below limit and clear of any judgments. If judgements are satisfied note explanation of problem in Bureau. In some cases, the attny general's office can request for it to be vacated from credit bureau. 3. Another option is refinance mortgage in your name with cash out to pay off bills-taking only what's needed. 4. When mortgage is in your name, so is new promissory note. The other issue is the Title Deed, etc. which should (but doesn't always match with mortgage when changed). You can always have a new Title with your name justified by your name on the Mortage note. You didn't indicated any written financial agreement between you and cosigner. Co-signers are generally required to support weak credit or minimize risk. Unless you have a written agreement with co-signer to share profit or transfer of ownership, etc. you can refinance the property without co-signer's permission. In other words, take back your house and exercise your right of responsibility, which is supported by all of the work and maintenance you've performed! In short, you do not need his permission to Refinance. Refinance first-getting it into your name and take care to remove his name from the Title (Transfer of Title). You should have the Refinancing done first. Your credit history of payments will support your claim to ownership. I co-signed my daughter's car loan and was listed as primary applicant. She refinanced and loan listed as paid on my Credit File. The loan will list as paid on Co-signer's credit profile (an added boost). He's enjoyed added status for past 5 years. Nor has he acted as an investor, etc. You've footed the bills, etc. Do not be manipulated. Pull the plug and get in Titled in your name-but refinance it first to get in Mortgage Note in your name-removing him from any liability.
Difference between head of household and co-signer on a lease agreement?
ok long story short my (now ex) boyfriend and i are breaking up and i am the head of household on our lease for our apartment and he is the co-signer. anyway i want to keep the apartment and for him to move out but he isnt wanting to move and is wanting me to move out. my question is pretty much what can i do to get him out and off the lease?
Is it possible for my daughter to be a co-signer for the house that me and my husband are going to buy, since she pays half of the mortgage?
It is certainly possible for her to try to become the co-signer. If your daughter agrees to be your co-signer, and she qualifies based on the lender’s requirements, then it should work out. She would need to qualify for the actual full amount of the mortgage, however, because the co-signing person is the “backup” person the lender turns to if the original borrower(s) don’t make payments on time.If your daughter is going to be living in this house with you and your husband, however, there is another option you may want to consider. The three of you could all apply for the mortgage together, such that the lender would consider the borrowing power of all three of you together, rather than her just being the backup and having no ownership of the property while she’s paying half of the mortgage.Your mortgage loan officer will be very helpful in explaining your options. Also, if you’re working with a licensed realtor, he/she can also describe the options with regard to how the homeowners will take title and whose names should go on the deed.
My brother is asking me to cosign a house for him and his friends to live in. I trust my brother but I don't really know his friends. What should I do and how could this affect me?
Truth Bomb.Don’t sign that!I am assuming you are talking about a rental lease. Seriously this is not about how trust worthy your brother is. It’s about your own financial future.If you really, really trust your brother, and want to help him here is what you do. You tell him to go find a place for himself. And then you will co-sign if he needs you to. BUT — be clear that you will do this with an agreement with the landlord to contact YOU if there are any issues, ever. Which means you will always know what he is up to. Tell him he has to get renters insurance. (If you have to pay for it, do. The last thing you need is for your brother to have a party and his guests potentially ruin or destroy something. Suddenly the rent will seem super minor.)Make sure whatever you put your name on is something you can financially handle on your own if something arises. Example, if this is a year long lease and your brother bails on it for some reason. Can you afford to pay for the remaining time or the penalties that are stated in the lease? Cause that’s what co-signing basically means. That you are on the hook for the rent if the tenant doesn’t pay.If you are ok with all that extra responsibility as well as potential personal financial risk. Go for it. But do not do it for strangers and be clear to your brother this is what his friends are to you. You are not saying they are bad people. You are saying you are not ready to pay to find out that they are not good people.Good Luck to you!Does Cosigning an Apartment Lease Affect My Credit?
How does a co-signer to rent an apartment or house work?
I personally would not take a co-signer over an income issue, only credit. 600 short is very short. Landlords are never required to accept a co-signer, so you may want to inquire first. Co-signing works because the co-signer agrees to pay the rent and for any damages if you end up being a flake. Your sister has to qualify to pay for both her rent/mortgage and your rent. She has to submit a credit report and sign a contract the same as the actual tenant does.