Question by picturemanbill: How can I cosign a mortgage for my son?
My son asked me to put My Name on his mortgage for one year . He say’s he can refinance in a year and take on the mortgage
at a better rate. The question is I have credit and he doesn’t. So reliability is My Concern.
If he misses or is Late with a payment can I legally have it written up that if in fact it does happen I can get out of the deal and he would have to take on the Mortgage at the Higher rate?
Answer by orlando
No, you can’t undo it. You are at the mercy of your trust for your son. I don’t know your situation, but many of situation go bad amongst family members in business dealings. Hard to separate heart from reality. If you really feel in your heart that your son is good for this commitment, then, by all means, proceed. But know that in able for him to refi in a year, he has some serious work to do to bring his credit up to par – just having a house these days doesn’t guarantee a refi.
The whole purpose of a co-borrow is for the lender to have somebody else to go after if the primary borrower skips out. I dont think any lender will sign off on his/your irresponsibility.
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