[WTB] Mortgage Cosigner

[cp1]

So you have the money for a down payment, but no real job?  It's going to be real tough finding someone to cosign for you.  If you do find someone to do it, don't forget that you have to justify where your down payment came from.

[bitpop]

I have legit equity. Just no official new income.

[ranlo]

I have legit equity. Just no official new income.

Ah, that explains a lot! So basically you have enough to back it up, and the problem is that your perceived worth (due to no "steady income") is what is holding you back from being able to get it on your own?

If this is the case, I understand where you're coming from now.

[bitpop]

Thanks yes I have equity and credit but no income. I want a 500k house, 50 down. 10k to anyone who helps me.

[ranlo]

Thanks yes I have equity and credit but no income. I want a 500k house, 50 down. 10k to anyone who helps me.

That's a pretty attractive offer if the equity is high enough.

Sadly that's out of my range.

Thanks for clarifying though! For future reference, state these things at the beginning to combat speculation and such.

[ironcross360]

10? How bout 40k... and im in

[BitCoinUser123]

This makes sense now.  This is what I was asking about.  OP was right and I was wrong.  In reading "cosigner" I took you to mean "guarantor", in which case there would be no claim or title unless or until the first party defaulted.  It's still a risk, but not nearly as large as I and other early posters made it out to be.

[bitpop]

Yes I'd actually be at risk since he owns half but I'm paying it off. Someone mentioned a contract but I'm not sure if it would work since they'd say, Whyd you put him on the title if he shouldn't be.

[bitpop]

Well you were kind of right. A cosigner might be a guantor but with a large down payment and further payments, defaulting would trigger a short sale with a profit.

[ranlo]

Yes I'd actually be at risk since he owns half but I'm paying it off. Someone mentioned a contract but I'm not sure if it would work since they'd say, Whyd you put him on the title if he shouldn't be.

Mmm... I think what you would do (I'm not 100% on this though?) is add them as a lien holder. I may be misinterpreting what the liens are for, but I'm thinking it means that you still own the property, however you can not sell it off or anything until it is paid off. After this, the lien should end and it would be yours entirely. If it was defaulted on, the lien holder would take the control.

[bitpop]

Thanks. Also siblings just started jobs after graduating, I have roommates that will basically cover the mortgage. Defaulting is not possible.

[ranlo]

Thanks. Also siblings just started jobs after graduating, I have roommates that will basically cover the mortgage. Defaulting is not possible.

Even if you were a multi-billionaire, the best thing for anyone to do before jumping in to anything is to consider the worst possible circumstances. Whether or not you have everything under control isn't really something people are going to pay attention to. "Murphy's Law" comes to mind.

So it's really not an attack on you, it's just safeguarding that is really necessary when dealing with things like this and investments,  .

[bitpop]

Yes I understand.

[threeip]

Can you start a company that pays you eg $1k a week for a couple of months and try to juke the system/commit fraud ?

[bitpop]

No they want 2 years tax returns

[ranlo]

No they want 2 years tax returns

File now for the last two years?

Check with your lawyer as it might be illegal to pay too many taxes.

I laughed because of the thought of the IRS being angry about you giving them too much money, XD.

I don't know the legality of it as it would be technically gaming the system in an attempt to do what would (technically) be defrauding the loaner by creating a false background. I would think that would cause more problems than it is worth.

[bitpop]

Is it tax evasion or tax fraud to pay them more taxes?

[ranlo]

Is it tax evasion or tax fraud to pay them more taxes?

Honestly I wouldn't think it would be either. People overpay the IRS all the time. Most small business owners will "estimate" their taxes and add on some extra for variance. If they overpaid for the year, the IRS will send a refund check. If they underpaid, they just have to pay the difference.

[cp1]

The mortgage company will ask to see your stubs or previous statements.  You can't just invent 2 years of income.

[bitpop]

That's what QuickBooks is for