Home mortgage loan and ssi/ssa

Get Legal Help Today

 Secured with SHA-256 Encryption

Home mortgage loan and ssi/ssa

Can I co-sign on a home mortgage loan if Im
on ssi/ssa? My name would not be on the title
or deed.

Asked on August 24, 2018 under Real Estate Law, New Jersey

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Legally, you could, since there is no law stating that you can't.
But that doesn't mean that the bank will accept you as a co-signor. It is voluntary for banks to lend--they can decide when, to whom, under what circumstances, and what they require to issue a loan. The purpose of a co-signor is to make the loan safer for the bank when the primary borrow has bad credit or doesn't make enough money or have a consistent enough earnings history, etc., by giving the bank another person who has to pay--and whom they can sue if the loan is not paid. But if you are on SSI/SSA, your income is "safe" from the bank--if they sued you and you did not pay, they could not garnish or otherwise take your income. SSI/SSA is protected from collections. You therefore are not really someone whom they could collect from, which means that you are not a good co-signor, since you don't necessarily increase the odds of them being paid if the borrower defaults. Therefore, they could decide to not accept you as a co-signor, since it does not really help them, even though the law would let you co-sign.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption