If a family member co-signs on my mortgage..

[ambition]

and I get busted for growing, I would imagine, if the prosecutor was a douche (and which ones aren't?), the family members cosigning would be prosecutable as well, correct?


It's the only way I'll qualify for a mortgage. If this is a valid concern, I guess I'll have to look into rent-to-own or something.

Sucks.

 

[guest2012y]

They will generally indict them claiming the family member knew what was up at the time of signing. Doesn't matter how well you plan out a story with a family member until it's up in front of a judge,.....and you'll be paying for a lawyer for that family member as well. I'm sure there are ways around it..good luck.

 

[B. Friendly]

co-signor is not in trouble at all. Even if the owner knows the rentee, it's still all good, unless the mortgage signer was in the place when the popo comes

coming from a mortgage broker/realtor

 

[ambition]

They will generally indict them claiming the family member knew what was up at the time of signing. Doesn't matter how well you plan out a story with a family member until it's up in front of a judge,.....and you'll be paying for a lawyer for that family member as well. I'm sure there are ways around it..good luck.

Thank you for your fast reply. As much as I'd love to bypass owner financing/rent-to-own options, I would be a real POS to put my parents through the ringer for my BS.

 

[ambition]

co-signor is not in trouble at all. Even if the owner knows the rentee, it's still all good, unless the mortgage signer was in the place when the popo comes

coming from a mortgage broker/realtor

Interesting. Thank you.

Two posts, two completely opposite answers from seemingly knowledgeable people.

lol wtf?

 

[krustytheclown]

You are correct

You are correct

Yes.

If you get busted for growing in a house and your parents cosigned on the mortgage, they cops could come after them, too.


Charges like Comspiracy to traffick controlled substances, conspiracy with intent to distribute, and so on. Depending on the size of your operation, they may even get busted on RICO.

And don't forget asset forfeiture: if they get busted, their bank account will get frozen, possibly seized, their cars and possibly their home will get seized, too. Obvioulsy, their careers would be finished, too. In this economy, now is a BAD time to look for a new job. Especially if you folks are over 40, or even worse, over 50.

Instead, use the power of the government against itself.

Check with the Federal Department of Housing and Urban Development, as well as the relevant version at the state level and see if you qualify for any 1st-time homebuyers programs. Their credit, income and downpayment requirements may be more flexible than a conventional loan.

If you still cannot get a loan on your own, build your credit back by paying off your credit cards and car loans, save some money in the bank (6 months living expenses) and rent for the next year or two before buying a house.

On a side note, if you have a job with a 401k, put SOMETHING into it, even 1%. If your company has matching, put in the maximum amount that they will match- if they match the first 4% of your income contributed, then contribute 4%. You won't miss it. I promise.

 

[guest2012y]

It may depend on what the state laws are as well. I lived in a different state than my family member and they still claimed that family member was in on it despite no connection other than being a family member. Bastards....just straight evil bastards.

 

[kmk420kali]

The co signer has nothing to do with the property-- They are committing to a financial responsibility only!!
Not only are they not responsible for what goes on there, they have no authority over the house-- They cannot sell it, or even enter it, without the Owner's permission--
They are not an Owner, they have no Rights...just a financial obligation should you fuck up--
Now if they were a co BUYER...that is different--

 

[B. Friendly]

I AM RIGHT
a true charge can only be obtained from those present at the property at the time.

they can go after a co-signor but how could your credit interest, remembering that a co-signor has no legal ownership in property make you guilty. Co-signors only agree to take over payments and guarantee that payments will be made even if they have to pay it.

Someone please explain from a legal point of view what the agruement is in charging a person with no ownership in a property. In fact they have no interest in the property whatsoever, except to make payments not live an occupy the property.

where are you fools getting your ridiculous info from. Please explain in an orderly fashion.

 

[guest2012y]

My experience comes from getting fried and doing 5 years where they wiped their ass with the constitution and threw it at me.
I'm not arguing shit,it looks like B. friendly knows what's up.
All I know is they indicted my family member...didn't file charges. We had to get him a lawyer and then they backed off after a few thousand dollars to have a lawyer talk to them. Also,this family member was told by the detective that if he came to the state I was in he would be arrested...the lawyer said, "yep,he can do that"...
This is all because a rat said that I had a family member co-sign in the event that anything went wrong. I'm no lawyer..all I know is that it was a pretty fucked up detective/prosecutor/lawyer food chain loop...and they did whatever the fuck they wanted.

 

[Dirty Harry]

I would think that would fall along the lines of convicting the father for the sins of his son.
We don't do it that way anymore. Unless they can be linked knowing what was going on, they should be deemed ignorant on the matter and thus innocent...
That being said, I really don't have a faith in the system anymore.

 

[Strainhunter]

I AM RIGHT

.....

He IS right.

 

[B. Friendly]

I would think that would fall along the lines of convicting the father for the sins of his son.
We don't do it that way anymore. Unless they can be linked knowing what was going on, they should be deemed ignorant on the matter and thus innocent...
That being said, I really don't have a faith in the system anymore.

been there nothing happened
law is not a person, it cannot assume, it needs to go on facts, and we are misinterpreting co-signing as meaning more than a financial obligation.

 

[B. Friendly]

My experience comes from getting fried and doing 5 years where they wiped their ass with the constitution and threw it at me.
I'm not arguing shit,it looks like B. friendly knows what's up.
All I know is they indicted my family member...didn't file charges. We had to get him a lawyer and then they backed off after a few thousand dollars to have a lawyer talk to them. Also,this family member was told by the detective that if he came to the state I was in he would be arrested...the lawyer said, "yep,he can do that"...
This is all because a rat said that I had a family member co-sign in the event that anything went wrong. I'm no lawyer..all I know is that it was a pretty fucked up detective/prosecutor/lawyer food chain loop...and they did whatever the fuck they wanted.

brutal rats suck, they all need high doses of poison.

once they have an inside man they can charge along that persons story, shitty.

don't think they'd get a conviction unless the person is on the premises tho.

 

[SuperSizeMe]

I AM RIGHT
a true charge can only be obtained from those present at the property at the time.

they can go after a co-signor but how could your credit interest, remembering that a co-signor has no legal ownership in property make you guilty. Co-signors only agree to take over payments and guarantee that payments will be made even if they have to pay it.

Someone please explain from a legal point of view what the agruement is in charging a person with no ownership in a property. In fact they have no interest in the property whatsoever, except to make payments not live an occupy the property.

where are you fools getting your ridiculous info from. Please explain in an orderly fashion.

This.

The bank owns the property/has vested interest, will they go after the bank as well?

The only way they can get in trouble is if they're involved in some way.

 

[krustytheclown]

If it was *your* parents, would *you* be willing to risk their well-being by having them co-sign a mortgage on a house you are going to turn into a grow op?

Ya know, Mom and Dad? The ones who have sacrificed so much to feed, clothe, raise and educate you for the last 18+ years? The ones who have sacrificed so much to give to you, their son/daughter?

We can be armchair lawyers all we want, and one thing will remain the same:

Once LEO busts you, they will try to ruin your life and anyone even remotely connected with you.

Do I want Momm and Dad being exposed to such a risk, no matter how remote?

The answer is, "No"

Besides, if I'm buying a house, then *I* am buying a house, not Mommy and Daddy. I am an adult and if I cannot buy a house on my own, I don't deserve one.

 

[guest2012y]

brutal rats suck, they all need high doses of poison.

once they have an inside man they can charge along that persons story, shitty.

don't think they'd get a conviction unless the person is on the premises tho.

Yeah,it's all a bunch of crap that I had put behind me...as I was reminiscing about it last night I remembered that's the reason why they threatened the family member with an arrest if he came to that state I was in. The X told them what I might do to stay out of trouble,turns out she knew me well. They threw a lot of threats around and tried to get at me via the people I loved.
In my case it was an ugly divorce turned into a child custody dispute. Since the X knew what I did,I didn't want the new property in my name. I had moved the Op and paid her off,but she got spun out and ratted anyway. They investigated me by busting associates and threatening them with big sentences...so they ratted on me to try and save their own ass. No dice on that,they went to prison too..and were taken care of with good old incarcerated hospitality there.

 

[pearlemae]

All I know is that anyone that would cosign any type of note for any reason, is asking to get screwed in the long run. Never ever be a co signer for any one for any reason. The cosigner will end up with the short end of the stick.

 

[igrowone]

this is just second hand info, but have seen it posted a few times from fairly reliable posters
usually, they won't go after a mortgaged property, not worth their trouble, unless the size is DEA type size
of course, this doesn't really negate the chance of pulling in cosigners as 'partners'
i'd say your best way of gauging the risk is to research local busts, see if you can find a similar situation

 

[Throwgar]

All the cosigner needs is plausable deniability. Cosigner doesn't live there? Good enough!