Question:
If I become a co-borrower/co-signer of a mortgage can I easily switch it someone else?
?
2016-03-13 22:29:05 UTC
My mom asked me to be the co-signer for a mortgage. (She doesn't want my money) Assuring me that she will switch my name to my dad's in March. Butt I remember in school we learned you had to refinance it or something? So I don't know if it's as simple as signing a few papers.

A little bit on our financial/living situation:

-My dad has filed bankruptcy. In March 2017 it will be 7 years and it will be off his record.

-My mom has a lot of debt so she alone cannot sign for a mortgage

-I am 21 years of age, I make $3000 at a job I was recently hired in (I am now permanent). I am getting my first credit card this Monday.

-They would like to buy a home before March 2017 as the current place we are living in the city will be bulldozing for new apartments, and we are not being financially compensated unfortunately.

I would like to buy a car/house of my own in a few years and start renting next year. Will being a co-signer for a few months affect this? My mom said there will be no record of me being a co-signer, so I am not to worry that once my dad's name is on record in place of mine it's fine. I feel like this could ruin my credit. Unlike my parents I would like to be debt free (I've paid off my student loans) but they said I am being naive and that a co-signer will make my credit look great. I don't want to upset anyone and I respect my parents. They have always looked out for me and now I'm the one with the clean slate. But I do not want to regret this.
Fifteen answers:
coraann
2016-03-14 09:50:43 UTC
No. You cannot be a co-signer on a mortgage. You would be a co-borrower. You will not be able to

be approved for any financed purchase of your own,until this mortgage is paid off...some 30 years later.

Your mother is not telling you how responsible you will be for all the mortgage payments and property

taxes when they default on them. No one in bankruptcy and burdened with bad credit should be even

thinking about buying any property. How could your parents do this to you?
edith
2016-03-14 16:48:17 UTC
No, you can't switch it, mortgages don't work that way. Again, you have asked this half a dozen times, this is a BAD idea for you. Your dad just had a bankruptcy, he wont' be given a mortgage for at least 2-3 years.kkk
Slickterp
2016-03-14 04:01:10 UTC
No, you can't switch it, mortgages don't work that way. Again, you have asked this half a dozen times, this is a BAD idea for you. Your dad just had a bankruptcy, he wont' be given a mortgage for at least 2-3 years.
acermill
2016-03-14 09:24:21 UTC
No matter how many times you ask, the answers will be the same. Do NOT do this. Your mother is either uninformed or is outright lying. You CANNOT "switch" a loan to someone else. Your parents would need to refinance the loan in their own names, and there is no guarantee that they would qualify for that in March. And YES, this will appear on your credit record, making it extremely difficult for YOU to get a mortgage or a car loan. Just how many people need to tell you this before it sinks in ?
real estate guy
2016-03-14 07:33:50 UTC
you have asked this question several times. The answer is the SAME. NO!!!!!! it can't not be switched to someone else. The only way to get the loan out of your name is to refinance it into someone elses name. And with your parents credit history, it will NOT happen.



DO NOT CO-SIGN. No matter how much pressure they are putting on you.
loanmasterone
2016-03-14 05:43:07 UTC
It is not easy to remove a person from a mortgage loan once the mortgage loan has been approved. Why would a mortgage lender allow this. They are approving to take someone off the mortgage loan that made the mortgage loan possible.



Your father has had financial problems in the past. Why would the mortgage lender replace a person with no

financial problems with a person that has had financial problems in the past.



In order for a person to be removed from a mortgage loan, someone must request an assumption package from the mortgage lender. the assumption package must be complete with information on the person to be added. You would need to include in this package the financials of the person to be added, such as pay stubs, W-2 forms, 2 year federal income tax, bank statements and other financial documents required of the mortgage lender.



This assumption package would be returned to the mortgage lender for approval. he mortgage lender would then obtain a credit report on this person to be added. They will find the bankruptcy of your father. The chances of them adding a person with a bankruptcy in the last few years are extremely slim.



I keep telling you over and over this is not something that would benefit you in any way possible. Your name would remain on the mortgage loan for the duration of the mortgage loan for 30 years.



The only way your name would be able to be removed would be with the mortgage loan being paid on time for about 2-3 years. Your parents ability to be approved for the mortgage loan based on their credit and financial ability to repay the mortgage loan and qualify based on the requirements of the mortgage loan program they are seeking to be approved for.



Your parent has proven over time they are not financially responsible individuals. For some reason they will find a reason not to pay a monthly mortgage payment, thus this non payment would reflect on your credit report.



If you have decided to assist your parents in the purchase of a house, then do so. You have been given

information on at least 3 questions on this forum, informing you not to become the co-borrower on this mortgage loan of your mother.





She is being deceitful and is lying to you about the pre-approval and that by signing for the per-approval you would not be obligating yourself. this is the starting process of applying fro a mortgage loan.



Most of the individuals on this forum appear to know what you don't want to accept. You should not be involved in this transaction of your parents.



I hope this has been of some benefit to you, good luck.



"FIGHT ON".
diamondcollector
2016-03-14 05:40:59 UTC
this is the third time. we have already answered your question. you went to the bank with your fraudulent, con

artist mother and you signed it, didn't you? have a fun "next 30 years" of paying 2000 a month for your useless parents for a house that is NOT YOURS.



THIRTY YEARS.



i think you have already signed and now you need an attorney. NOW.



by yourself, go to the lady at the bank and ask nicely to rip up the papers. don't bring mom.



if you have already signed make SURE you are CO-OWNER of the house, not just co-signer. your name on the deed.
exactduke
2016-03-13 23:50:00 UTC
Mom's not an acceptable borrower, and you are not an acceptable co-signer.

Don't worry about it, this loan isn't going anywhere.
SumDude
2016-03-13 23:41:21 UTC
No matter how much you love your mother do not do it. { If your mom has a lot of debt, she WILL NEED your money ! They need to find a modest place to rent. {They cannot buy with debt, and no money down; so butt {note correct spelling in this case} out.} [If you want to GIVE them money, that is your choice. Helping them with the rent on their apartment is even better.]



P S Return to school. March 2016 to March 2017 is more than a few months.



>> Mortgages are very precise contracts, and your question shows you have problems with precision.
tro
2016-03-15 13:42:21 UTC
no, if you and your mother apply for a loan, with you as a co signer since she probably needs your financial reference to qualify, that is for the life of the loan

the only way she can change that is to refinance on her own without your co signing
Judy
2016-03-13 22:36:31 UTC
You won't be on it for just a few months. The only way you can get off it before it's paid off is for them to qualify to refinance without you, and that doesn't sound like it's going to happen. Your mom is not being truthful with you in what she's telling you.
?
2016-03-13 23:42:52 UTC
Run away

Run away

Hide.

U clueless and about to get screwed ripped off by mom.

Have educated adults explain the nightmare u looking to struggle with for 5 - 10 yrs.

Says Hades NOPE Mom
Beverly S
2016-03-14 05:52:24 UTC
You will regret it. She cannot take you off the loan unless it is refinanced. Your dad coming out of bankruptcy will not qualify until/unless his credit is re-established. There will be record of your co-signing since it goes on your credit. If they are late on payments it will ruin your credit.
R P
2016-03-14 03:45:47 UTC
If you co-sign, the only way to get your name off the loan is if your parents refinance it. Your mother either does not understand how loans work or she is not being truthful with you.
Maxi
2016-03-14 05:07:19 UTC
No


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