Can Another Person Get a Mortgage in My Name?
Full Question:
Can an ex spouse secure a mortgage for the other spouse, in the other spouse's name?
05/08/2011 |
Category: Debts and Cr... ยป Lending |
State: Arkansas |
#24794
Answer:
A mortgage loan is taken out in the name of the parties responsible for payment. If you will not be a party responsible for making payments, then the loan will not be in your name. A mortgage loan is based upon the eligibility of the person(s) signing the documents. In order for the mortgage to be in your name, you would be responsible for payments on the loan. However, another person may be able to take out a mortgage loan in their own name using the property you own together as collateral. If you are unable to qualify for a loan, it is possible for another to cosign or guaranty the loan.
