Home Buying in 19047>Question Details

Jobssuth, Home Buyer in New Jersey

What are risks to non-occupant co-buyer besides the mortgage? Can they be removed from mortgage in time?

Asked by Jobssuth, New Jersey Sun Apr 19, 2009

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5
Carol Murray Cei’s answer
A non-occupying co-buyer is just that...someone buying the property but not living there. That buyer has full responsibility on the mortgage, just like the occupying buyer. If the occupying buyer does not pay, the non-occupant is obliged to pay or it goes against his/her credit as a negative. Each person on a mortgage has full responsibility to pay the mortgage back. The only way to get OFF the mortgage is to do a refinance.

Hope this helps you. Contact me if you have any other questions.

Carol Murray Cei
ReMax Millennium
215-643-9661
carolcei@remax.net
1 vote Thank Flag Link Mon Apr 20, 2009
Follow up questions:

I am a cobuyer under my father's mortgage. He recently remarried. If we pay off the mortgage before he passes, does title automatically go to me?

Thanks,
Ira
0 votes Thank Flag Link Sun May 12, 2013
It depends on the type of title. If there is a right of survivorship, then the title should go to you.
Flag Sat May 31, 2014
The others have answered your question about the mortgage aspects of being a non-occupant co-buyer. You also asked about the risks "besides the mortgage." Those risks are pretty much the same, too. I'm not an attorney, so this isn't legal advice. However . . . .

You'd have the same liability if, for example, someone tripped and fell on your porch and sued. Or if the occupant co-buyer didn't pay the water bill and a lien were placed on your home, that would affect you equally. Check with a lawyer for guidance and advice.

Hope that helps.
0 votes Thank Flag Link Mon Apr 20, 2009
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Hello Jobssth,
Carol answered this question very well. Each borrower is fully responsible for the mortgage. The only way to get the non-occupying co-borrower off of the mortgage is to re-finance it. Unless the mortgage is assumable. The borrower must qualify for the mortgage on his/her own for this to happen. From my experience it would be easier to re-finance it.
The very best of luck to you!
Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net
http://www.mortgagepro.instantlender.com -
0 votes Thank Flag Link Mon Apr 20, 2009
I would defer this question to a morgage Broker or attorney. Marc Duncan from Mortgage Mobility would be more than happy to assit you.(610-247-4600) I would also suggest contacting a Real Estate attorney who practices in the state where you live.

Good Luck!
Frank Dolski
Associate Broker
Coldwell Banker Hearthside Realtors
0 votes Thank Flag Link Sun Apr 19, 2009
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