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Mortgage question - about debt
Posted on 5/14/12 at 5:10 pm
Posted on 5/14/12 at 5:10 pm
If I am purchasing a home and I have a car note each month, but I am the co-signer, not the primary, will the finance company say that I am obligated to that full debt amount each month?
IE:
Car note: $300
Would the finance see me as owing $300 a month, or perhaps half of that? etc.
IE:
Car note: $300
Would the finance see me as owing $300 a month, or perhaps half of that? etc.
This post was edited on 5/14/12 at 5:11 pm
2
Posted on 5/14/12 at 5:27 pm to FunkyTiger
it all depends on how the credit report looks..if you are a co-signer then you just have to prove someone else is making the payments(IE:cxled checks or banks statements showing payment coming from someone else). if the debt is reported as joint debt then it must be counted against you.
Posted on 5/15/12 at 10:20 am to FunkyTiger
It will show up on your credit report..! The lender will be the one to decide whether to hold you acountable for the debt or not. As long as the person paying the loan never had a late payment and has always payed their own note, I don't see a problem. But the lender will definatley ask you about this!!!
This post was edited on 5/15/12 at 10:21 am
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