Is your wife a co-borrower?

Is your wife a co-borrower?

A co-borrower is any additional borrower whose income, assets, and credit history are used to qualify for the loan and whose name appears on the loan documents. Usually, a spouse would be an occupying co-borrower, because they will live in the property with you.

When does a co-signer for an apartment die?

If the Senior Citizen Dies. According to the California Department of Consumer Affairs, a month-to-month lease terminates when the tenant dies, and the co-signer is only responsible for the apartment for 30 days after the senior citizen last paid rent. If the lease was a fixed-term, such as a year, the co-signer is responsible for paying…

Can a co-signer force me to sell my home?

If you start falling behind on your mortgage payments or know that you’re going to, do your co-signer a favor and consider selling the home. A co-signer isn’t necessarily a co-owner and so can’t sell the home or force you to do so. Every late payment you make, however, appears on his credit report as well as yours.

What is the responsibility of a co-signer for an apartment?

Co-Signer Responsibilities. For example, if you co-sign a lease for your elderly mother and she needs to spend extended time in the hospital, you may be liable for the rent on her apartment if she cannot pay it, as well as a late fee if you didn’t send the rent in by the date specified on the lease.

What happens if you are a co signer on a lease?

Also, co-signers are typically responsible for any damage caused by the tenant or touch-ups if included in the co-signed rental contract. Individual states have different laws regarding lease and co-signer agreements, including conditions and procedures to require payment by the co-signer.

Can a co signer be the owner of the House?

Ownership considerations for co-signers. Lenders require that anyone on the loan must also be on the title to the home, so a co-signer will be considered an owner of the home.

Why are Firefighters told to let the house burn?

Firefighters are known for risking their lives everyday to save the lives of others. That’s why it’s so unusual to hear that firefighters were actually instructed to “let it burn” This video of firefighters burning down a home has attracted so much attention online.

What are the risks of being a co signer on a mortgage?

Another co-signer risk is that the co-signed mortgage will often count against them when qualifying for personal, auto, business, and student loans in the future.

Why did Kevin Burns house burn to the ground?

He had no other choice but to call the fire department, and they have no other choice but to burn the whole thing down to the ground. Surely it could have been salvaged, but little did they know how untrue that really was. Kevin Burns had just moved to Redding, CA. But as soon as he moved in, something rattled him.