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Mike Oxlong · 02-05-2010, 11:42 AM

There should be no problems getting this mortgage set up.

Just so I understand correctly you would be using your income and credit to qualify with your friends and if neccesary his parents as co signors?

I don't see any issues being able to make this happen at all. Especially if the parents have as strong of a financial position as you say.

Down the road once your friends financial situation improves and he wants to remove them from the mortgage so it is just the 2 of you you can request that they be removed from covenant (have to double check my terminology). There are some legal fees to do it but I am sure Torutman can help you out with it.

I am kind of surprised your mortgage specialist told you that the parents couldn't co sign if they didn't live in the property. I have done tons of mortgages where kids get parents to co sign and help them out with their first place. Obviously the parents aren't living with them. Whoever you are speaking with is WAY off base or I am misunderstanding something. (Sorry this was from another posters scenario. His mortgage "specialist" is way off base)

02-05-2010, 11:42 AM	#11
Mike Oxlong Got Oliver Klozoff Join Date: Feb 2003 Exp:	There should be no problems getting this mortgage set up. Just so I understand correctly you would be using your income and credit to qualify with your friends and if neccesary his parents as co signors? I don't see any issues being able to make this happen at all. Especially if the parents have as strong of a financial position as you say. Down the road once your friends financial situation improves and he wants to remove them from the mortgage so it is just the 2 of you you can request that they be removed from covenant (have to double check my terminology). There are some legal fees to do it but I am sure Torutman can help you out with it. I am kind of surprised your mortgage specialist told you that the parents couldn't co sign if they didn't live in the property. I have done tons of mortgages where kids get parents to co sign and help them out with their first place. Obviously the parents aren't living with them. Whoever you are speaking with is WAY off base or I am misunderstanding something. (Sorry this was from another posters scenario. His mortgage "specialist" is way off base) Last edited by Mike Oxlong; 02-05-2010 at 11:45 AM.