Co-borrower = Co-debts, as with a co-signer. It is considered your responsibility until paid just as much as the other persons. It doesn't matter who if anybody is living in the house. It coukld be empty or occupied by a renter.Can you still remain a co-borrower in a mortgage with your ex spouse and your credit not be affected?
As long as you remain on the Title or Mortgage, you will take liability for defaults by either party that will reflect on your credit report. Yes, your credit will be effected.
If you need assistance with a mortgage financial need and would like the opportunity to discuss your situation and options in further detail, please feel free to contact me via email or at my office. My name is Paul Hernandez, I am a mortgage broker in NY.
Phernandez@parkplacenyc.com
Paul Hernandez
Park Place Home Mortgage
212 308 1371 Direct.
If one spouse can't refinance NOW, and the other doesn't force a sale, the house will be 'refinanced' when the foreclosure happens. No matter how bad your credit, you CAN NOT afford any house you can't get someone to refinance. Few people can afford as much house as they can get financed.
It would affect it greatly seeing that he or she is already on one home loan. Now, if they had excellent credit and great income and we're talking 700 range for credit and a huge income then no problem, but if they don't they will have a problem. To bad the person was trying to be a good person in doing this and may have hurt theirselves.
It will have a huge effect. Until they get the other mortgage out of their name, it's going to count against them as far as debt to income.
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