My partner would like to co sign a loan for me, but he doesn't want to be on title. Is this possible?
Chicago, IL
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Posted 6 months ago in Debt / Lending Agreements
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The property value is 450,000 and the loan amount is 82,000.
I do not have a verifiable income. My partner does. Thanks - Is this your question? Add additional information Answers (1)Mazyar Malek Hedayat
This attorney is licensed in Illinois.
Posted 6 months ago.
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What you are asking about is theoretically possible but your partner is taking a big chance - in the event of a default he/she could get stuck with a big bill and no equity or property to back it up. If your partner is alright with that then you would still have to get the bank to approve. If they do then you should be fine.
I hope this information was helpful. Feel free to contact us if you need further follow up. I also own a title company and have lending contacts in case you want to examine the transaction that way.
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