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My brother whould like to buy a house but needs me as cosigner?

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My brother would like to buy a house but needs a cosigner, and he said he just need me for six months then he can be released to his own signature. Is that legal? and is that possible? Thank you for your responds appreciated..

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He could refinance in 6 months and have to pay closing costs again and it would be a headache. You are running all the risk. You may get turned down for things you want secondary to a house showing up on your credit. Personally, I wouldn't. He should just save up a bigger down payment so he can get it on his own.
Report (0) (0) | earlier
Do not do it.

If your brother can't make mortgage payments, they will come after you!

Help him with cash down or something, but DO NOT CO- SIGN.
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If the mortgage is for 30 years, you will be a 30 year co-signer. If you want to buy a house of your own, you may not be able to do it. Judge Judy says to never never never co-sign for anyone ever. But it sounds like you love your brother and want to help him. It has a slight chance of working.
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Noooooooooooooooooooooo...

Don't do it!!!!!!

If a lending institution has you on the line as cosigner, they will not release you. Why would they? They want as much guarantee as possible that they will get their money back.

If your bother can't get a loan in his name alone, then maybe he's not ready to own a home.

Personally, I wouldn't even cosign anything for anyone, regardless of who they are. Even my kids, and both have great credit.

I'd have to see it in writing from the bank BEFORE I signed anything. If they won't put it in writing, than the answer is NO!
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No.  He is handing you a line of bull..so don't fall for it.

No, it's not possible.

Never sign a document obligating you for 30 years with someone else.  Just don't do it, unless that person is your spouse.

If his credit and income doesn't allow him to get a loan in his name now, I can tell you from experience that won't change in 6 months.

Please, please, don't do it.

To clarify your role, on mortgage loans, you are not a co-signer, you are a CO-BORROWER.
Report (0) (0) |   earlier
Don't do it, if he looses it (which I'm sure no one thinks RIGHT NOW he will) he will go down and will take you and your family with him.
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You will be a co-signer for the duration of whatever loan he takes, and that is generally thirty years. No lender is going to take YOU off the mortgage.
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Once you co-sign he will have to refinance the loan to get you off it, and you will remain responsible for the loan until it is refinanced and your credit will get destroy (along with his) if he doesn't pay the loan on time.  To refinance will cost him 1000's of dollars and he will need the income/ credit to get the loan by himself, and this doesn't sound like what he is talking about (and since he can't get it now, it seems a bit of a stretch that things will be different in 6 months).

He is not telling you the whole truth, I'd stay well away from doing this.  Heck, if he can do the deal by himself in 6 months just tell him to wait 6 months and then buy something - but tell him no.
Report (0) (0) |   earlier
DO NOT DO THIS.  If the bank says that they will not loan the money, LISTEN TO THEM!!!!!!!!!!!!

NO!!!!!!!!!!  you can't be removed from the note unless you refinance.  And 6 months is NOT long enough for him to change what is wrong and refinance.

NEVER!!!!!!!!!!!!!!!!!! CO-SIGN.
Report (0) (0) |   earlier
Its legal to cosign...I would talk with the lender personally to find out to what extent your responsibility as a cosigner is and if you will actually only be needed as a cosigner for 6 mths (I'd think you would be obligated for the life of the loan...I've never heard of the 6 mths stipulation so the only person to verify would be the lender).

That being said, the issue is do you trust your brother and know enough about his financial situation to know that he will pay his mortgage and in a timely manner? Read the fine print before you commit to anything.
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NOPE ..is not possible.

IF you co-sign ; you are on there for the entire length of the mortgage unless your brother re-fis and gets an entire new moprtgage ....

From past experience ; I would not even co-sign for Jesus Christ if he ask me .....

I did once and cost my credit to go from a 786 to a 432 when he let it get repoed .... !!!
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