Some Questions-1st-time buyers

[noreneol]

Hello all...This is my story...
We got a house,thing is,the co-signer has agreed to transfer the title,which is clear,from his name to me & hubby's name the day after the closing,but my hubby has no IDs. He is going to try and get them by the closing,but what if he can't? What are the alternatives,and will this mess up or delay the closing? We already discussed it with the realtor,agent,ect. They said something about "refinancing"-how,if he has no ids,and something about "automatic"??????????????????????????
Thank you.
How long can we leave it in the co-signer's name? And how would it fix OUR credit like that?
O and can I put it in my name? I don't work,but I have all my IDs..
The title is clear but I'm still worried the closing will not go off smoothly.
O and are we supposed to be getting insurance or what? And do WE have to be at the closing or just the co-signer?
Sorry 4 all the q's,but this is our 1st time and we are TOTALLY CLUELESS and WORRIED...
Please answer ASAP!
Thank you,
N.Y.

[tarheit]

You need to talk to your lender (bank, mortgage company, whoever you are getting your loan though) to see what they will allow and can answer all of these questions. While the title is clear now, it won't be once the loan is closed because it will likely be a lean on the title. The lender should also be able to tell you who needs to sign the loan. I'm pretty sure its everyone since your name is on the loan and this other person is just a co-signer (ie. they get stuck with the loan if you don't pay)

Also, the loan shows up on the credit report of the person(s) who are encumbered by the loan (that would be both you and the co-signer) assuming the lender reports it to the credit bureau (It's not required). The name on the deed has no bearing on who's name it shows up on credit wise.

-Tim

[noreneol]

We did talk to the lender,only the co-signer's name is on the loan,as far as I know.The contract has only the co-signer's name and the seller's. The guys we talked to said something about "refinancing" and something about "automatic." ?????????????????
They won't answer my calls & emails,that is why I am here.
I am more confused than be4. Need all of these questions answered,I hate to repeat myself..
Thanx,
N.

[tarheit]

That would confuse me as well. Typically a co-signer is used when the credit of the borrower isn't good enough to get the loan on their own, so the co-signer agrees to pay the loan if you don't. It doesn't make sense to me that you wouldn't sign anything. I can't think of where 'refinancing' or 'automatic' would fit in there anywhere.

I'd be a little worried myself that something fishy is up. If it's your loan, you need to know to protect your interest. Wish I knew, but it seems outside the norm so I can't say what they are doing.

-Tim

[TJ2007]

well from what you have posted it seems that your

[tarheit]

If this 'co-signer' is actually buying the home, depending on the type of loan, there may be another issue. Many home loans require it to be owner occupied, (not leased or rented). Doing so can make the loan be due in full immediately as well. Not saying thats the case, but it could happen.

-Tim

[noreneol]

No,we have 1 of those 30-year loans..my hubby's credit was bad,that's why we got the co-signer,and he already has his own house. They agreed that HE will sign the house over to me and hubby the day after the closing,he said he's "fine with that." I do not work so that's why I thought they can't put it in my name only. Are you now saying they can? I am STILL confused..So my hubby could NEVER get it in his name or what?
N.
P.S. Plus the house needs work done to it,and they are going to give us some cash to remodel it as well.

[noreneol]

[quote=tarheit;18553]That would confuse me as well. Typically a co-signer is used when the credit of the borrower isn't good enough to get the loan on their own, so the co-signer agrees to pay the loan if you don't. It doesn't make sense to me that you wouldn't sign anything. I can't think of where 'refinancing' or 'automatic' would fit in there anywhere.

Yes,they basically said the house can stay in the co-signer's name for 6 months (or a year-is that right?) or at least until my husband gets his IDs...then they'd refinance,in other words,do the loan over-this time putting it in our names. And,with the house in our names,we can both fix our credit.
N.
P.S. A 30-year loan doesn't mean we pay it all at once,right? And they're giving us the remodeling money a while after the closing,that's OK,right?

[noreneol]

If this 'co-signer' is actually buying the home, depending on the type of loan, there may be another issue. Many home loans require it to be owner occupied, (not leased or rented). Doing so can make the loan be due in full immediately as well. Not saying thats the case, but it could happen.

-Tim

No,they already scheduled the closing..31st of this month. That's good,right?
And they already worked out the monthly payments...

[TJ2007]

Believe me I really hate to be negative in anyway, but the whole deal sounds bad, or at minimum no one has taken the time to explain everything to you and all your options and liabilities.

Purchasing your 1st home is a big move and needs to be done with care.

I am very glad you found this forum, but you really ought to get some local professional advice too.

Unless this